FinancialAdvisor.co.uk launches social media website to shake up IFA marketplace

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FinancialAdvisor.co.uk is the UK’s leading independent financial advisor (IFA) social media website, that allows consumers to rate and review financial advisors in their area. This is a first in the UK, a facility that no other website provides. The site is simple, cleanly laid out and most importantly focussed around helping consumers find a professional high quality IFA.

FinancialAdvisor.co.uk is the UK’s leading independent financial advisor (IFA) social media website, that allows consumers to rate and review financial advisors in their area.

This is a first in the UK, a facility that no other website provides. The site is simple, cleanly laid out and most importantly focussed around helping consumers find a professional high quality IFA.

By entering a postcode or leaving some very basic details, consumers can use FinancialAdvisor.co.uk to access over 10,000 IFA’s. Consumers can rate and review IFAs before choosing who is appropriate to speak to about their financial decisions.

FinancialAdvisor.co.uk was set up to help consumers with the sweeping changes that are due to take effect in the retail investment marketplace by the end of 2012; Namely, RDR.    

In 2006 the FSA launched the Retail Distribution Review (RDR). RDR has been set out to address what the FSA saw as three fundamental challenges within the retail investment market.

1.    Improve the clarity which firms describe services to consumers
2.    Address the potential for advisor remuneration to distort consumer outcomes; and
3.    Increase the professional standards of investment advisors

Essentially what this means is that Financial Advisers will have to make efforts to ensure financial advice is simpler to understand, ensure that the advice they give is not biased by the commissions that they might receive and elevate their standards of professionalism in their dealings with customers.

This is a significant win for the consumer that is causing many IFA’s to leave the industry rather than meet the challenge of RDR.

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Nathan Hill-Haimes
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