IFA’s have come out on top as the most trusted category according to the latest Financial Services Trust Index. The research by the Financial Services  Research Forum, based at Nottingham  University Business School, used data collected by a YouGov online survey of 2000 consumers and found that IFA’s were considered to have their best interests at heart.

The index scores institutions out of 100, with those above 50 showing increasing levels of trust, those below 50 showing increasing lack of trust and a score of 50 as neutral. IFA’s ranked the highest with an index score of 75 in the final quarter of 2009, falling to 65 in the third quarter of 2010.

Although showing a decline in confidence through the year, IFA’s still ranked well above the other categories including building societies, general insurance companies, life insurance companies, investment companies and credit card companies, with banks bringing up the rear. Consumer trust in the banking sector dropped as low as an index score of 35 at one point and struggled to get above 55 throughout the year. Only IFA’s and the building societies managed to finish the year with a score above 50 

So why do IFA’s appear to inspire greater consumer trust? Is it due to their impartiality? What does make an IFA different is that they they are independent, meaning they are working on your behalf rather than on behalf of a particular product, provider or other body. The goal of an IFA is to simply help you reach your financial goals and make smart decisions about your money. At Proposito Financial Planning we do this by working closely with our clients to fully understand their complete financial picture with the ultimate aim of securing the financial future they require. We work on a fee basis, so our advice & recommendations are not swayed by commission payments or include hidden charges for our clients.

We sit on the same side of the table as our clients.  We protect them from themselves by educating them and giving them a framework for arriving at sensible decisions. We also protect them from organisations that are intent on “selling” them products that they don’t need. 

What is the common factor that all our clients possess? Trust.  They all trust us and trust has simply got to be the most critical component of any working relationship.