Independent financial adviser (IFA)-based brand equity pyramid

This paper aims to evaluate the applicability of the existing brand equity pyramid models in the context of independent financial advisers (IFAs) in the UK financial services sector. Nine in-depth interviews with IFAs and nine in-depth corroboration interviews with senior marketing managers and employees in one of the UK’s largest financial services providers were undertaken for the purpose of the study. The findings indicate that when applied in the context of IFAs, the existing brand equity pyramid models require modification. These findings lead to the development of an IFA-based brand equity pyramid. The new model can provide insight for financial services marketing academics and practitioners on how IFAs perceive and evaluate financial services brands to be recommended to their customers. Our findings will help financial services providers to develop strong brands in the mind of IFAs.