An award winning advice firm has decided to stop using the label ‘IFA' in favour of referring to itself exclusively as chartered financial planners.
Lift Financial, which was named chartered financial planning firm 2012 at this year's Personal Finance Society conference, said the move is to disassociate itself with the less professional parts of the financial services industry.
"Very few people have experienced good financial advice. In fact, the industry has been dominated by salesman rather than advisers, all using the same nomenclature," says Michelle Cracknell, group commercial director.
"It is therefore important that we are able to define ourselves as a firm of chartered financial planners. We no longer call ourselves IFAs."
Lift Financial, which has offices in Cheshire, London and Edinburgh, took the decision to work towards becoming a chartered firm in 2008.
Cracknell said the benefits of making the transition have far outweighed the costs.
"We believe that we have had return a on the investment that we have made to become a chartered firm by using the chartered status both externally with our clients and internally with our staff to validate our values, what we do and how we do it."
Lift Financial also runs a graduate programme every year, which it added is part of its commitment to investing in the future of the profession.
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