The Association of Independent Financial Advisers (AIFA), in association with Legal & General, is to produce a report on alternative business models for IFA firms.

The trade body hopes the report will help firms as they make key decisions about the future of their businesses.

The project, which includes research and analysis from Ernst & Young, will give financial advice firms insight and guidance as they consider changing the way their businesses operate. Exploring a range of issues including understanding the value chain, the role of the firm and the individual, and the definition of independence the report will help firms with important strategic planning and decision making. Case studies of optimal business models will be included as part of the report, including strategies for success, which firms can use as they plan for continuing regulatory, economic and social change.

Chris Cummings, director general, AIFA, said: “The firms that will thrive through this period of unparalleled change will be those that can read the landscape best and determine their place in it. Our project