IFAs carry out the vast majority of their investments, protection and mortgages business on an independent basis, according to a survey by the Association of Independent Financial Advisers (Aifa).
The IFA Census survey found the vast majority of business across investments, protection and mortgages is being transacted on an independent basis, at 72%, 69% and 69% respectively.
Aifa says whole of market transactions make up 27%, 29% and 30% respectively while only 1-2% of transactions in these areas are being conducted on a multi-tied basis.
Chris Cummings, director general of Aifa, says: “I am delighted that the overwhelming majority of business undertaken in the areas of investment, protection and mortgages continues to be transacted on an independent and whole of market basis.
“This is good news for consumers – in a depolarised world, our members are continuing to put their clients’ interests first.”
The survey also asked questions about the effectiveness of the menu and found:
Cummings says: “The reaction to the introduction of the menu has been mixed. The menu requires a cultural shift for both firms and their clients, and the information exists to provide consumers with an informed choice”.
He adds the results of the survey indicate a number of consumers are beginning to take this on board but others find the information too complex.
Cummings admits the menu is a long way from being the simple document Aifa originally proposed but says#: “These are still early days and it will be interesting to survey our members again on the issue a year from now”.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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