IFAs reputation bolstered by the financial crisis, say Nucleus advisers
The financial crisis has had a positive impact on the reputation of IFAs, according to a targeted poll conducted by IFA-owned and controlled platform Nucleus.
The findings, which are based on the views of 30 member firms with just under £500m under advice, reveals that almost half (48%) of those surveyed believe the crisis has had a positive impact on the reputation of the IFA industry, while less than 5% (4.9%) believe that the crisis has had a negative impact.
The results, which represent the views of half of the 60 firms signed up to the platform, reaffirm the view of Nucleus founder and chief executive David Ferguson that the financial turbulence of the past year has led to unprecedented opportunities for high quality adviser firms.
Ferguson, who established the independent wrap proposition three years ago, asserts that the recently testing financial times have underlined the importance for clients of bringing in the professionals by enlisting the expertise of quality financial advisers.
He says: “While 2009 has certainly been a challenging year for all in the financial services sector, those adviser firms which offer a transparent, customer-centric service will continue to thrive as clients seek the best advice to guide their financial decisions.
“In this respect the financial crisis, as well as the impending Retail Distribution Review, have been very positive catalysts for genuine change and an overall improvement in industry standards.”
John Moore, Director of Central Investment Services and Chair of the Nucleus IFA Advisory Board, comments:
“It comes as no surprise to me that so many fellow Nucleus members share my view that the financial crisis has been a positive thing for the reputation of IFAs.
“The adviser-client relationship has been tested to the limit over the past year, and now is the time when truly independent advisers with the necessary expertise and the best interests of the client at heart can stand proud. It stands to reason that the reputation of such advisers will continue to go from strength to strength as they commit to continually raising standards in financial advice.”