3rd June 2011

IFA letter of the week

An Appeal to Your Sense of Realism

I am writing to you with this personal appeal to join AIFA if you are not already a member.

I have read many angry words about AIFA of late, about why it's done this or not done that, but as the heading suggests I want to appeal to your sense of realism. Our industry is going through a lot of upheaval and I am aware that many feel AIFA has been insufficiently robust on the RDR. We could argue the rights and wrongs of AIFA's position forever but what really matters is the future and for regulation to work properly IFAs must have the best possible representation. I can tell you with 100% honesty that no organisation is better placed to succeed than AIFA and no organisation has a more committed leadership and secretariat.

As I said in my recent press release, the kind of regulation likely to emanate from Brussels will probably make the FSA seem light-touch and sensible by comparison. To cope with that AIFA has to raise its game. No other organisation can or will represent us abroad; only AIFA's well-researched full-time professional team can achieve the impact required. I have been lobbying for years but I have never kidded myself that I could have more than a marginal effect; you cannot run your own business and a full-time lobbying effort at the same time.

AIFA currently runs on a shoestring considering the tasks it is expected to do. The blunt fact is that it needs more funding. Membership is not expensive so it is a sad reflection really on IFAs that so few are willing to put their money where their mouths are. Membership for a one-man band like me costs £28pm. For a two adviser firm the cost is £37pm, £46pm for three advisers and so on. To calculate what it would cost your firm simply go to http://www.aifa.net/membership/fees.php or ring the AIFA office on 0207 6281287and they'll be glad to tell you.

Really though, it's about more than money. If you are not a member then AIFA is missing your input, your inspiration and your influence. The more of our fellow professionals that add to the debate the sooner we will make AIFA the success it should be. We need your vision as much - more - than your money.

I set up my own business because I did not want my future to be determined by somebody else. Most of you probably did the same. But if we are not professionally represented, our future, that of us all, will definitely be determined by somebody else in Canary Wharfe and Brussels. If you really want your say in the future of independent financial advice, rather than just sounding off about it in the media, joining AIFA is the most effective way to do it.

Remember - and this is where the realism comes in - nobody gets everything they want out of any organisation they join; there will always be aspects that you are not content with. If you join though you can help make AIFA what you think it should be. That's why I made my decision to join and why I hope you will do the same. Any membership organisation reflects its membership. Those who criticise from the outside must accept that its faults are faults which they, by their absence from the debate, help to create and perpetuate.

In other words folks, it's as good or bad as we make it.

Nobody at AIFA told me - or even asked me - to write this or approved it in any way, so if you take issue with any of the points herein you should blame me, Neil Liversidge, not Steve Gay or the AIFA Council.

Thanks for taking the time to read this and as a final thought, remember, politics is far too important to be left to the politicians.

Yours Sincerely
Neil F Liversidge
Managing Director
West Riding Personal Financial Solutions Ltd

For further information about Neil Liversidge, read his profile within the IFA Hub.

FSA/FCA, Adviser Letter of the Week