Since launching in September 2008, Adviser Matrix has been working with networks and national IFAs that are actively recruiting appointed representatives and registered individuals.
The service, which is free to advisers, pitches their details anonymously to networks, and then helps advisers narrow down their options from the responses received. The key benefit to the adviser is that they save time by not doing the research themselves.
Paul Fryers, managing director of Adviser Matrix, says: “Our research has found advisers who consider joining a network or a national IFA typically spend 3 or more hours with each organisation they consider.
‘Unsurprisingly, this leads to them only looking at a few options before making a decision. There is a lot of variety in the propositions available, so if an adviser takes a narrow view they run the risk of missing out on what may have been the most suitable option.”
Fryers continues: “In theory, an adviser who wanted to talk directly to our entire panel would spend over 50 hours doing research alone. Intermediaries simply don’t have this sort of time on their hands, which is a concern as this is an important decision for them.
“By doing their research via Adviser Matrix, they can cut this down to just a few hours. It is unavoidable that advisers must invest time in understanding the detail behind a network proposition before they sign up, but we can help make that easier for them.”
Richard Farr, project director at Telos, says: “I believe this is highly topical at present as there is a lot of interest in joining the network with the right fit amongst the adviser community.
“The Adviser Matrix model also creates the opportunity for networks and national IFA’s to be able to promote their unique proposition to businesses that they may otherwise not have been able to attract, so I am not surprised so many have shown a positive interest.”
The Adviser Matrix panel includes: Alpha to Omega, Burns Anderson, Falcon, GHL, Intrinsic, LighthouseTemple, Mortgage Support Network, Openwork, Pink, Positive Solutions, PTFS, Sage, Sense, Tenet Group, Virtual Net, Vision, Whitechurch.