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New recruitment service for FEIFA members

FEIFA has introduced a recruitment service to help members attract new advivers

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The organisation has partnered with two specialist financial services recruitment companies, Instep and IFAmatch, both of which it said has experience in the international marketplace.

Michael Lodhi, FEIFA chairman and chief executive of Spectrum IFA Group, said of the new service: “Many of our member companies, including my own, are keen to expand in the short and medium term – and RDR in the UK is definitely seen as a potential opportunity to access some high quality advisers with qualifications and experience.”

According to Paul Stanfield, FEIFA chief executive, there has in the past been a problem with using recruitment firms, particularly in the international sector, because the firms do not always fully understand how offshore advisers operate.

He added recruitment firms also tend to require immediate or upfront payments, rather than on a staggered basis which “provides remuneration for the recruiter over time and thus guarantees greater quality and cost-effectiveness for the IFA company.”

Stanfield said the service was only available to FEIFA members and it offered a lower cost framework than available to a firm which contracts a recruitment firm directly.

He said: “Sourcing and placement fees are far lower than is usually the case and total fees can be linked to Consultant production, which was highlighted as a very real desire for many of our member companies.

“With ifamatch.com we have developed its existing service so that it is tailor-made for our IFAs; this includes significant discounts on fees. For example, our members receive a substantial 50% discount on its Platinum service.”
 

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