Consumers demand an IFA with incremental qualifications

Statistics out today prove that Unbiased.co.uk, the website promoting the benefits of independent financial advice, was acting on consumer demand when it launched a simple two tier ranking for IFA qualifications/designations last month. The revolutionary new search applies to over 40 different IFA incremental qualifications/designations from eight different awarding bodies currently available.

One in four consumers visiting Unbiased.co.uk last year specified they wanted an IFA with incremental qualifications/designations above those required by law to be an IFA. With over 600,000 searches made each year this equates to 150,000 consumers who are demanding a more qualified IFA.

David Elms, Chief Executive of Unbiased.co.uk comments: “These statistics demonstrate that Unbiased.co.uk was, as always, acting in the consumer’s best interest when it developed its new qualification search. We expect to see the number of consumers requesting a more highly, and relevantly, qualified IFA increase due to our new search.

“With the recent Retail Distribution Review from the FSA shining a spot light on IFA qualifications – the launch of our new search has proven very timely. Prior to the new qualifications search facility on Unbiased.co.uk the consumer was faced with a bewildering number of qualifications from many different awarding bodies. The new search means consumers will be able to compare all of these to the qualifications they are familiar with – for example A Levels and components of an undergraduate degree – and understand the professional standard of their IFA.”

Research commissioned by Unbiased.co.uk last week reveals that this optimism is well founded. Three quarters (75%) of consumers says it is important for an IFA to be qualified to a higher level than the minimum level required by the FSA. Amongst those that have used an IFA in the past 12 months – this increases to 87%.

The market sectors where consumers are most interested in finding an IFA with a relevant incremental qualification are:

Long Term Care – 36% of consumers searching for an IFA who has expertise in Long Term Care request they have the relevant incremental qualification

Equity Release – 25% of consumer searching for an Equity Release IFA request relevant incremental qualifications

For Pensions it is 24%

Tax 23%;

Mortgages 22%; and,

Savings and Investments it is 17%