An online introducer service is being launched for both consumers and IFAs which could challenge IFA Promotion's role of passing on local financial services business leads.
Launching in July, the tiptopmoney.com service is created by Financial Fitness Ltd in Southampton and is designed as both a sophisticated education site for consumers and lead generator for IFAs.
While much of the material on the site is designed to educate the consumer about the various financial planning options available and how different types of product work, the site also carries an additional lead forwarding service connecting consumers to partner intermediary firms.
Similar to IFAP’s unbiased website, a postcode generator tool will offer consumers a handful of IFA firm names from which they can select a service from.
If the adviser then takes on that client, the firm could be charged roughly around 10% of the average client remuneration - a mortgage enquiry leading to product purchase, for example, could cost around £40 while life insurance leads costs around £50 - as tiptopmoney will supply the audit trail and compliant data of the client’s last 4-5 movements or page views on the website to compliment the IFA’s ‘Know Your Customer’ process, says David Stewart, one of the three founding members at tiptopmoney.
“The significant change in the demographics of the UK in terms of wealth has resulted in a much wider audience demanding more sophisticated financial products.
What many people lack is knowledge about the options available to them, and the confidence that such knowledge gives in terms of purchasing decisions,” says Stewart.
“This is where tiptopmoney differs from other financial services websites – we provide the educational content that is necessary to turn enquirers into consumers. For our IFA partners this means qualified prospects and an unrivalled opportunity to reach an important but relatively underexploited market sector.
“We are giving the prospective client a lot of generic information where IFA Promotion would not. And if the prospect then goes to an IFA and buys a product having first researched through our site, it is going to be very difficult to say they did not understand what they were buying,” adds Stewart.
Tiptopmoney directors – which also includes James Egerton and Paul Quinn - are keen to develop as many partnerships with firms as possible, and will give each firm that signs up space will be given their own branded ‘welcome page’ explaining each firm’s background and business offering.
Services will initially cover mortgages, life cover, investments and general financial planning services.
For more information telephone tiptopmoney.com on 02380 207988 or email [email protected]IFAonline
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