Money Marketing (16/04/2019) – IFS Wealth & Pensions director on why being independent really matters and dodging the DB transfer bullet

Having personal experience of something gives you the authority to speak about it in a way someone who has not gone through it first-hand never can. It is what separates the pontifications of armchair critics from coalface opinions that have real clout.

During his career, IFS Wealth & Pensions director Ricky Chan has gone from being a tied adviser to a restricted adviser, before finally settling on independent advice. So, when he explains why he is proud to be able to call himself independent, it carries weight.

“Independence is very important for a young and growing business like ours. You sit on the same side as the client and without having a preconceived idea of products and solutions, you can really understand what they are looking to achieve. If you don’t have that, your hands are tied,” he says.

“If you look at most areas in the profession, you never see a restricted adviser who is proud to be restricted. It’s either covered up or not mentioned at all, while most IFAs are proud to be independent,” he says. “If you’re more established, it is true that clients may not care if you are restricted as they’ve had those relationships for 30 or 40 years. But it’s different for young and growing firms. Being independent is key.”

Full article link: https://www.moneymarketing.co.uk/profile/profile-you-never-see-an-adviser-proud-to-call-themselves-restricted/