• Unbiased.co.uk maintains quality of its database by applying rigorous IFA checks
• QCF Level 4 or above qualified advisers are setting the way for RDR readiness
• 71% of IFA firms now have a website, but those without one risk missing out on quality leads and stronger relationships with their existing client base

New data from Unbiased.co.uk, the professional advice website reveals the state and shape of the 2009 ‘IFA Nation’. The data, which is taken from the Unbiased.co.uk IFA member database, hosting details of over 15,000 individual member IFAs, assesses the number of IFAs, areas of specialism, level of qualifications and online offering of the IFA market.

The IFA market

To ensure Unbiased.co.uk only puts consumers in touch with genuine IFAs, itconducts an annual audit of its member IFAs, requiring all members to declare their independent status. As part of this process, member IFAs have to declare they offer whole of market advice and a fees payment option for each product area that they list in their top 9 areas of specialism on Unbiased.co.uk. In addition, IFAs have to prove that they have at least one investment IFA based at the branch address listed on Unbiased.co.uk.

This annual audit ensures that only genuine IFAs are put in front of consumers and generally leads to the database count reducing once the audit has been completed. As a result of these stringent membership criteria being applied, this year’s audit has led to branch addresses on Unbiased.co.uk decreasing by 7% over the last 12 months, while the number of registered individuals dropped by 9% during the same period.

David Elms, chief executive of Unbiased.co.uk comments:

“With RDR well on its way, the IFA market is currently going through a period of change which includes some consolidation. Within this context, we are pleased that the FSA supports our stance that the term independent financial advice should continue to mean whole of market advice. We have always applied stringent membership criteria to our database and we will continue to do so. We know that our annual membership audit is necessary to ensure that the consumer can trust us to put them in touch with a truly independent financial adviser.

“Each year around half a million consumers come to Unbiased.co.uk to find a local independent financial adviser and we are ensuring that the records on our database deliver exactly that.”

The qualifications game

The last twelve months have seen an increase in IFA qualifications across the board, with general qualifications (covering more than one product knowledge area), increasing by 3% compared to last year. Product specific qualifications such as pensions, equity release, tax and mortgages have seen similar increases over the last 12 months. 

With the latest RDR paper only a month old, all eyes are on the proposed new industry benchmark qualification and Unbiased.co.uk’s data shows that its member IFAs are well placed to meet any increased qualifications bar by 2012. The 15,000 plus registered individual IFAs on the Unbiased.co.uk database now hold between them over 14,300 QCF level 4 or above qualifications/ designations/ papers. There are 35% IFA branch addresses listed on Unbiased.co.uk that now record details of at least one QCF level 4 or above qualified individual.   

David Elms continues:

“IFA qualifications are a hot topic in the industry and in recent years we have seen an increasing consumer demand for professionalism, which in turn has led to more advisers increasing their qualifications levels. Around a third of all consumer enquiries via Unbiased.co.uknow specify qualifications as part of their search criteria.  With well over a third of IFA branch addresses on our database already listing at least one QCF level 4 or above qualified registered individual, we are confident that the IFA market has a head start in meeting future raised qualifications levels.”   

The online opportunity

The 2009 data shows that the IFA sector is continuing to increase its online presence. 71% of member IFA firms now offer a web address for their business, an increase of 3% compared to last year. At the same time, there has been a 6% increase in the number of IFA firms signing up to Unbiased.co.uk’s ‘Enhanced Advertising Package’, which allows IFAs to list their e-mail and web links on Unbiased.co.uk and the 60 white label searches Unbiased.co.uk has established on partner personal finance websites.  In total, 45% of member IFA firms now take advantage of these consumer friendly online features offered by Unbiased.co.uk, which include call back facilities, information request functionality and web enabled links. 

Despite these encouraging figures, almost one in three (29%) member IFA firms are still missing out on potential quality leads by having no website presence whatsoever, despite Unbiased.co.uk’s figures showing that the web is now the single most important source of new business after personal or professional recommendations.  Additionally, a website offers the most cost effective way for an IFA to interact with existing customers to strengthen the bond between advisers and their clients. 

IFAs interested in signing up to the Enhanced Advertising Package on Unbiased.co.uk and the 60 white label versions of the search can click here for further information - /advertising

ENDS

For further information on Unbiased.co.uk, the professional advice website pleases contact:

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For expert commentary or case studies from over 200 media-friendly IFAs, journalists should visit www.unbiased.co.uk/bluebook to search the Blue Book Media IFA database.

Top tips for journalists when using Blue Book online:

1.         List and store all your IFA contacts in one place.  As well as having access to the whole Media IFA database on the Blue Book, you can also separately list your favourite Media IFAs.  You can add confidential, personalised post-it notes with extra details to Media IFA profiles.  These will be saved and always appear every time you log back into your account.

2.         Email broadcast Media IFAs.  The Blue Book allows you to email individual favourite Media IFAs for personal commentary or alternatively email a group of your favourite Media IFAs for a collection of opinions on a topic.  You can use the Blue Book online to conduct a straw poll on a specific topic for instance. 

3.         Online coverage generated by Media IFAs.  Each Media IFA profile contains links to their most recent online coverage.  This allows you to see what topic Media IFAs have been commenting on recently, allowing you to make a more informed decision as to which Media IFA you wish to speak to.

4.         Each Media IFA has a star rating.  This is calculated by how many journalist’s favourites lists each Media IFA appears on.  The more journalist’s favourites lists they appear on, the higher their star rating.  Look at the ‘top rated’ list to find out which Media IFA has the highest star rating.  

5.         Journalist recommendations.  The Blue Book gives helpful suggestions as to which Media IFAs other journalists have on their list of favourites.  Each Media IFA profile has suggestions as to other Media IFAs you may find useful. 

6.         Broaden out your contact list of Media IFAs.  Overall, the Blue Book online is designed to help you widen the pool of Media IFAs you can contact for commentary or help with articles you are writing.  www.unbiased.co.uk signup.php signup>Sign up to the Blue Book now in order to take advantage of all these features. 

Notes to Editors

Unbiased.co.uk, the professional advice website

Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs.  In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice. 

The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service.  These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options. 

IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20^th year, and was set up to promote the benefits of independent financial advice to the consumer. 

Unbiased.co.uk’s product provider sponsors

Registered Office: Unbiased.co.uk is the consumer brand of IFA Promotion Ltd, 90 St. Vincent Street, Glasgow G2 5UB. Registered in Scotland: No. 114606