IFA leaderboard shows who can be VouchedFor
IFAs will be rated according to the quality of their service on a website designed to give customers a forum to share their experience of their IFAs.
According to Adam Price, its founder and managing director, VouchedFor will let users choose from the best IFAs in the UK, based on past users’ feedback.
This will set it apart from online promotions website Unbiased.co.uk, Mr Price said, as once people have been advised, they will be invited to leave feedback to help future potential clients get an idea of how good and relevant the advice was.
He said: “Clients want independent advice, but often don’t know how to find an IFA with whom they will be happy.
“They want personal recommendations, but without the hassle of asking all their friends.”
Mr Price said that there would be proper checks and balances put in place to ensure that there is no abuse of the system.
The website has also been set up to cater for the retail distribution review-ready generation of advisers.
Mr Price added: “VouchedFor will only feature IFAs offering fee-based advice, and will clearly signal where an IFA holds qualifications on the level four list.”
IFAs who join VouchedFor early will build up a good volume of reviews before RDR, putting them in a great position, he said.
Although there has been no formal date set for the launch, Mr Price said it would be “weeks rather than months”, and IFA registration is now open.
John Lang, director of Surrey-based Tower Hill Associates, said: “VouchedFor is the forward-looking search site that I’ve been waiting for.
“It will help consumers find advisers who are already RDR-compliant, and who are well regarded by their clients.
“I will certainly be signing up and I would encourage all RDR-compliant advisers to do the same.”