I had been a member of Independent Financial Adviser Promotion almost since its inception. I was happy to pay the subscription, although I was not interested in getting the leads. I thought the money was worth it as it acted (in conjunction with Lansons) as my outsourced public relations department. I think it did well espousing the cause of independence.
However when I was asked to renew my membership late last year (before the announced increases) I declined as the organisation is no longer IFA focused and much to my irritation I still see it using the term, to which I would have thought it is no longer entitled. Doing so seems to imply that all are independent under its ambit – which is just not the case.
So having alienated independent advisers, it sought to increase its book with restricted advisers, but many of these do not need the services of Unbiased – who have an uphill struggle anyway of identifying the level of restriction they are willing to accept.
With a reported hike of more than 60 per cent it would seem that only the very desperate for referrals may put their hands in the pockets.
All in all a sad demise.
Harry Katz
Principal
Norwest Consultants
Middlesex
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