Sky’s the limit for growing advice market: VouchedFor
Adam Price, founder of IFA comparison site VouchedFor.co.uk, whose revamped website went live this week, has claimed there is plenty of room in the market for websites promoting financial advisers.
Mr Price said a relatively small amount of money is spent each year by his competitors on promoting the IFA industry.
He said: “We don’t see ourselves as direct competitors to Unbiased.co.uk, Findanadviser.org or any other IFA directory, in that there is a huge opportunity to grow the market rather than re-divide it.
“The IFA industry is a multi-billion dollar industry, yet these directories spend an estimated £1m to £2m a year on marketing.”
VouchedFor.co.uk has re-launched its service with backing from the Institute of Financial Planning, FundsNetwork, Nucleus and Voyant.
The new version of the website includes more technical features and can accept reviews from any registered client of an adviser.
This means IFAs can invite all their clients to vouch for them on the website, while rigorous checks will ensure only authentic reviews are allowed.
Poor reviews will not be removed or edited, unless they are abusive or spam, and advisers will have a right of reply.
Advisers will also be able to display the VouchedFor icon on their own websites that users can click on to read reviews and contribute their own comments.
The website is being piloted and will be launched to consumers in the coming weeks.
Mr Price said: “For too long, consumers have not known where to turn for financial advice they can trust. Equally, small advisory firms have had to struggle to promote themselves and compete with the banks’ large marketing budgets.
“VouchedFor will solve these problems, providing good advisers with a platform to showcase themselves.”