Market Research Reports and Industry Reports

UK IFAs and their Clients; Identifying the IFA client base and how it can be grown.

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Summary
 
 Following the implementation of the Retail Distribution Review, the UK market saw a decrease in the number of advisors as well as an increase in the cost of advice, creating an advice gap in the retail and low mass affluent segments. However, different types of service models have since emerged to fill the need for advice. Looking forward, the UK advice market will see an increase in demand as the population grows older and wealthier. In addition, the introduction of pension freedoms in April 2015 has prompted a rising number of UK customers to seek out professional advice.
 
 Key Findings
 
 - Looking forward, growing affluence and an aging population will increase the amount of those seeking advice and bring more potential customers to the IFA target pool.
 
 - Older clients, particularly those approaching and in retirement, form the current core group of advisor customers. The typical UK IFA client is an older male investor, reflecting the fact that older men tend to be the most affluent demographic group.
 
 - Consumers who choose professional advice do so in order to receive strategic advice and access to the better range of investments available through professional advisors.
 
 - The pension freedoms have created a new market for investment advice, as retirees and those approaching retirement assess the wider range of options available.
 
 - Life events prompt customers to seek out financial advice: the leading motivations among UK consumers are retirement, inheritance, and property purchase-related issues.
 
 Synopsis
 
 Verdict Financials UK IFAs and their Clients report is a comprehensive analysis of the demographics and preferences of UK investors and IFA clients, covering both advised and unadvised investors. Drawing from our 2015 IFA Survey and 2015 Retail Banking Insight Survey, the report offers insight into what characterizes UK investors, what drives investors to seek professional advice, and how to target them. Specifically, the report:
 
 - Analyzes how the changing UK demographics and pensions freedoms have impacted the advice market.
 
 - Examines the demographics and wealth of the UK consumer base, and which segments offer the greatest opportunities for advisors.
 
 - Analyzes how investors have arranged their investments; whether they are advised or unadvised; and through which types of institution they have been arranged.
 
 - Identifies the key drivers and events that prompt investors to seek advice and why some prefer to direct their investments themselves.
 
 - Examines how advisors client base is sourced and how to acquire further clients.
 
 - Offers competitive insight into client targeting and digital services.
 
 Reasons To Buy
 
 - Identify which client segments offer the greatest opportunity in terms of unadvised wealth.
 
 - Understand how to appeal to self-directed investors versus those who are already advised.
 
 - Identify how to remain competitive by understanding investors motivations and preferences regarding financial advice.
 
 - Develop your client targeting strategy by understanding the drivers for seeking investment advice.

EXECUTIVE SUMMARY
 Key findings
 Critical success factors
 THE INVESTMENT ADVICE MARKET IN CONTEXT
 The Retail Distribution Review created a gap in the advice market
 Simplified advice services address the advice gap
 Consumers now have more control over their retirement finances
 Many have chosen to access their pensions without professional advice
 Not all pension ""freedomers"" share the same level of financial literacy
 Shifting demographics and increasing affluence will grow the potential market
 An aging population brings more consumers into the IFA market
 THE IFA CLIENT BASE IN FOCUS
 Understanding client preferences
 Half of UK investors arrange investments directly with providers
 Older clients form the core of the IFA market
 The advised client base is skewed towards men
 Mass affluent investors are a key target demographic
 Widowed investors are most likely to rely on advice
 Understanding the drivers for seeking financial advice
 Clients go to advisors for investment strategy and range of investments
 Retirement considerations and life events prompt clients to seek professional financial advice
 Securing retirement income motivates investors
 HOW TO GROW THE ADVISOR CLIENT BASE
 Self-directed investors offer a good client acquisition opportunity
 Client prospecting is still very much a traditional affair
 Clients are largely sourced through non-digital channels
 Most clients are sourced by referrals, meaning that advisors should continue to impress the existing client base
 While most advisors now offer digital access, mobile capabilities are lagging
 Robo-advisors are an increasingly popular channel
 Social media can be an efficient client communication and prospecting tool
 APPENDIX
 Abbreviations and acronyms
 Definitions
 IFA/financial advisor
 A firm or individual whose primary line of business is providing financial planning and investment advice to customers.
 Emerging affluent
 Mass affluent
 Retail market
 Methodology
 Verdict Financials 2015 Independent Financial Advisor Survey
 Verdict Financials 2015 Retail Banking Insight Survey
 Bibliography
 Further reading
 About Verdict Financial
 Disclaimer


List Of Figures

Figure 1: Advisors were most commonly used by consumers opting for drawdown in Q3 2015
 Figure 2: The UK affluent population is growing steadily
 Figure 3: Growth in the 65+ age segment means more customers in the prime advice-seeking demographic
 Figure 4 The majority of UK investors prefer to arrange their investments directly with a provider
 Figure 5: There is a large pool of unadvised investments among the older generations
 Figure 6: Saga Investment Services offers advice for clients at different stages of retirement preparation
 Figure 7: Saunderson House caters to the needs of busy professionals
 Figure 8: The advised client base is skewed towards men, but only because a far larger share of them are investors
 Figure 9: Mass affluent investors have the largest share of unadvised investments
 Figure 10: Widowed clients have the largest share of advised relationships
 Figure 11: The need for an investment strategy draws clients to advisors
 Figure 12: Specialist knowledge is the main consideration for consumers in choosing an advisor
 Figure 13: Retirement is the leading driver for UK clients to seek professional advice
 Figure 14: Long-term investments are directed towards retirement goals
 Figure 15: PensionBee combines clients pensions pots under a single view
 Figure 16: Wealth Wizards offers online retirement and pensions advice
 Figure 17: Preference to manage simple investments themselves and the cost of advice drive consumers to self-direct
 Figure 18: Client referrals are the leading source of new clients
 Figure 19: Telephone calls remain the most common form of client communication
 Figure 20: Nutmeg has a straightforward sign-up process


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Reports Details

Published Date : Mar 2016
No. of Pages :33
Country :United Kingdom
Category :Finance and Banking
Publisher :Verdict Financial
Report Delivery By :Email
Report Delivery Time :12 to 24 hours after placing the order.

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