An adviser's independence is "fourth or fifth" on a consumer's priority list, an IFA has argued, after research suggested some clients still have no idea if their IFA is whole-of-market.
Jonathan Fry, who runs his own Yorkshire IFA, said independence alone would have little bearing on where people seek financial advice after 2012. "The independence of the adviser is probably no higher than fourth or fifth on the list of priorities for the vast majority of consumers," he said. Fry's remarks follow fresh research, commissioned by the Financial Services Authority (FSA), which found only 61% of more than 5,000 clients who had recently purchased a product through their IFA knew they were an independent practitioner. "It is apparent that many recent purchasers misunderst...
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