Even if you have not offered up your business details to an online directory, do not assume that you do not appear on one.
Some online directories will just take your details off the Financial Conduct Authority’s register, their own membership lists, or buy them from marketing companies and place them up on the worldwide web for any consumer to see.
When deciding whether to cultivate an online presence, advisers should therefore consider whether they would rate the search results that could be delivered by the way some directories obtains its list of intermediaries - and whether there is value in paying for a more bespoke service.
The bosses of three of the best-known of these listing services contributed to this guide.
Unbiased
Unbiased is the largest, actively managed listing of professional advisers in the UK with more than 24,000 professional advisers listed on the search for an adviser facility.
Karen Barrett, chief executive of Unbiased, says her service looks for professional advisers to proactively list their firms on the website, and does not rely on feeds from either the regulator or any other source to pre-populate the database.
She says this allows advisers to manage their own firm’s details and guarantees consistency in branding and quality of data in their online presence. As a result, Ms Barrett says allowing advisers to manage their listings ensures consumers and businesses searching for an adviser can view relevant and up to date information.
A basic listing on Unbiased is entirely free. Ms Barrett says in 2014 the enhanced listing, which gives extra functionality on a profile and reporting on its performance, costs £39 plus VAT monthly or £399 plus VAT annually.
Ms Barrett says recent research on Unbiased users showed a return of investment of 15:1 on the annual outlay for those opting for the enhanced listing.
She says: “Before choosing a free online listing over a paid one, advisers should consider what they expect from their listing.
“The paid-for listing may offer better positioning in website search results, improved profile search engine optimisation (SEO) in search engine results and the opportunity to build a more detailed profile with adviser photos, logos and social media links, which in turn improves lead generation.”
Vouchedfor
Vouchedfor launched in 2011 and quickly became known as the ‘Tripadvisor for IFAs’, due to its promotion of client reviews that form the basis of each adviser profile.
Adam Price, founder of VouchedFor, says his service has a listing for every financial adviser in the UK but advisers can ‘claim’ their profile for free. Just shy of 2,000 advisers have currently done so and received a full profile.
Only independent advisers or whole of market mortgage brokers are able to claim a full profile, with restricted advisers limited to unverified accounts.
Mr Price adds there are a series of different plans available to IFAs, including a ‘basic plan’ that is completely free of charge and provides a full profile with the ability to gather reviews.
The ‘standard plan’ has a quarterly subscription fee of £40 and provides a lead generation service whereby clients can make an enquiry through the site. Enquiries are priced according to the net worth of the potential client, with mortgage enquiries subject to a flat rate of £29.
The service claims to generate more visitors per registered adviser than any other and says it generates a return on investment of 10:1 for paying members.
Advisers wishing to leave a review must be ‘verified’ as an actual customer bu the firm or provide evidence that they are a client, which has led to some criticism that the site allows advisers to bias towards favourable reviews.
Checkaprofessional
Checkaprofessional is not a dedicated service for financial advisers, but rather lists professionals across a wide range of sectors. Users can search in particular subject areas - for example ‘pensions advisors’ or ‘mortgage brokers’ and then set a defined georgraphy they wish to seach in.
To become Checkaprofessional members, Lisa Beale, head of the service, says businesses must pass a vetting process and must also agree to stick to the Checkaprofessional code of ethics and conduct.
Again, there is a fee charged for the service: for financial services, Lisa Beale, head of Checkaprofessional, says the price to join the service is £599 a year. and
As with Vouchedfor, client feedback is encouraged and, once verified, placed on your profile for others to see.
