Blog: Are adviser directories treating IFAs as cash cows?

How adviser directories refer clients

clock • 6 min read

It has been suggested directories look to increase their turnover by referring consumers to multiple advisers, causing unnecessary disruption at the other end. But is it true? Phillip Bray finds out

Sense Network's survey comparing Unbiased and VouchedFor has only been running for a few days, but it is already highlighting some interesting issues and very strong opinions. A number of respondents, particularly those who use neither directory, have suggested that both Unbiased and VouchedFor increase their turnover, and reduce advisers' potential conversion rates, by either recommending enquirers contact multiple advisers or selling the same enquiry to more than one adviser. Of course, consumers have an absolute right to shop around for the right adviser, but I believe most adviser...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

PA360: Clients' lack of understanding of advice value is 'concerning'

PA360: Clients' lack of understanding of advice value is 'concerning'

‘Anyone running a business needs to offer value to their clients’

Sahar Nazir
clock 25 April 2024 • 1 min read
PA360: Advice firms 'brush over' data integrity fundamentals

PA360: Advice firms 'brush over' data integrity fundamentals

‘Your business and your people are under attack constantly’

Isabel Baxter
clock 25 April 2024 • 1 min read
PA360: The need for a financial plan 'has never been higher'

PA360: The need for a financial plan 'has never been higher'

‘It needs to be done in a different and innovative way’

Isabel Baxter
clock 25 April 2024 • 2 min read