British advisor associations plug fee-based model

FWR Staff

24 August 2006

IFP and AIFA will co-host a conference highlighting conversion strategies. The Bristol, U.K.-based Institute of Financial Planning (IFP) and the London-based Association of Independent Financial Advisers (AIFA) are teaming up to help financial advisors make the switch to a fee-based business model more profitable.

The two advisor associations will host a conference -- pardon the sluggish link -- in London next month to showcase strategies firms can use to increase revenues by 20% or more within a year.

IFP chief executive Nick Cann says the U.K. advisory market is split between firms focused on wealth management and financial planning and those in the "packaged-product arena."

Fee-based financial planners account for 15% of practitioners U.K. private-client space, says Cann, with another 35% -- many lacking the infrastructure and organization needed to thrive as pure advisors -- uncertain about which way to go. -FWR