Perspective to join APFA
Perspective said that APFA’s expanded membership base, which will be open to both independent and restricted advisers, suited its operation and believed the trade body could represent all its offices.
This follows Perspective’s statement that post-Retail Distribution Review its offices will be a mixture of both independent and restricted advisers with a majority opting for the independent route.
The group will join APFA as a collective offering all its advisers access to APFA’s resources and support.
The name change and rebrand to APFA is due to be voted upon by members at annual general meeting being held on the 13th November.
Peter Craddock, group operations director of Perspective Financial Group, said: “The financial advice market is undergoing significant change and it is important that all stakeholders accept and adapt to that change. We believe the move from AIFA to APFA to be the right one for the trade body, its members and the entire industry and we are pleased to be able to support this undertaking by joining once the rebrand is ratified.
“We are confident that APFA will be able to represent and support its entire expanded membership effectively and that firms like us have much to benefit from by being members.”
He added: “Where appropriate and in a majority of cases our offices will remain independent. However for some of our offices the work required to demonstrate the regulator’s changed definition of independence would be excessive and provide no benefit to the client which is always our core priority.
“Therefore some of our offices will be restricted but the fact they will no longer be independent financial advisers does not mean they are not offering a fantastic quality-based service to their clients covering the whole of market.”
Craddock added that a more important factor for the group was to complete a move to chartered status which it believed will be the future benchmark and standard for all advice firms.
Currently 30% of its offices have achieved the accolade.
Chris Hannant, policy director at AIFA, said: “The process towards changing our name and rebranding continues this month when we put our proposals to members at our AGM. If this is accepted it will mean that we are in the best possible position to represent and support all advisers that put the interests of their clients first.
“Perspective Financial Group’s support for the changes we are making is extremely welcome. I believe Perspective offices and advisers will be part of a truly effective trade body which can best represent their interests and activities.”