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11/02/2008 - Bright Future for IFAs – Ken Davy

Ken Davy has forecast a bright future for IFAs who embrace the opportunities of the new distribution landscape. Speaking at Claridges at a conference organised by Westminster & City, Ken Davy, Chairman of Simply Biz said that advisers who continue to put their clients first and provide transparency and choice whilst delivering ongoing professional service will generate real value for themselves and their clients.

“Thousands of IFAs are already on the journey to increased professionalism and many more will be taking up the challenge to achieve Diploma status or that of Certified Financial Planner with Chartered Financial Planner as the ultimate goal. It is equally important for consumers that we ensure a sensible and sensitive transition which enables their current advisers to continue to serve their clients. As we raise the bar we must not become the first profession to put existing practitioners out of business.”

The clear separation between advice and sales was also spelt out by Mr Davy who said “It is self evident that advice often leads to the purchase of a product. The critical difference between advice and selling is that whereas the salesman goes out with the objective of doing whatever is necessary to make the sale the objective of the adviser is to earn the trust of a client to whom perhaps a lifetime of advice can be delivered regardless of product sales.

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11/02/2008 - Bright Future for IFAs – Ken Davy