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Challenger adviser directory scraps fee to take on rivals

Challenger adviser directory scraps fee to take on rivals

An adviser who created his own directory to compete with Unbiased and VouchedFor is offering the service free of charge throughout all of 2018.

AdviserBook is the brainchild of Ray Adams, director of Newport, Wales-based Niche IFA.

Mr Adams is also behind cashflow planning tool CashCalc.

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All advisers registered with the Financial Conduct Authority will be listed on the directory but they can pay £10 a month to enhance their profile with things like a link to their website.

However all fees will be waived for this year, with a subscription fee applying from 2019.

Founded in 2017, AdviserBook is an online directory which aims to be the UKs first definitive directory of all regulated financial advisers able to provide retail advice. 

Available for advisers to sign-up, but yet to launch to the public, the company has strong ambitions for the directory.

It has stated it should help stop scams by only listing regulated financial advisers, help the public by allowing them to choose the most appropriate financial advice firm for them, and help financial advice firms gain further exposure

Mr Adams said he has been working on the directory since August and he expected it to cost £200,000 to set up but then its running costs to be £100,000 a year thereafter.

He paid £22,000 to the FCA to use its publicly available data commercially.

He said that if 10 per cent of the UK adviser population sign up to the premium service he will recoup his investment.

Advisers who sign up to Adviser Book will be able to identify whether they are chartered, independent, restricted and whether they specialise in any areas of advice.

The information they provide will be automatically cross-referenced to publicly available information but if there is a discrepancy it will be checked manually.

The public will be able to search for advisers which match any of these criteria and Mr Adams said he was considering including the ability to search by how an adviser charges.

Chartered financial planner Mr Adams said: “In light of the recent failings within our industry, there has never been a more important time to create a public friendly directory of regulated financial advisers. 

“There simply needs to be one. 

“So, by removing the cost element, we are essentially inviting everyone to claim their AdviserBook profile and help create a directory that works for everyone.”