Less than 3% of IFAs advertise as 'fee-based' online

Only 230 independent financial adviser (IFA) firms are actively describing their service as fee-based, out of a total of about 10,000 firms in UK, according to VouchedFor.co.uk. VouchedFor.co.uk built an algorithm to search the web to identify IFA websites and work out whether they were describing themselves as either fee-based or fee-only, before manually reviewing their results. Adam Price, founder of VouchedFor.co.uk, said the lack of explicit labels and key words to show how an IFA gets paid makes it hard for consumers to choose a fee-based adviser. "In the run-up to RDR, more ...