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Independent Financial Advisers Market Assessment 2008
Key Note Publications Ltd, April 2008, Pages: 182
Executive Summary
1. Introduction
OVERVIEW
BACKGROUND
DEFINITION
2. Strategic Overview
ECONOMIC INDICATORS
Population
Table 1: UK Resident Population Estimates by Sex (000), Mid-Years 2003-2007
Gross Domestic Product
Table 2: UK Gross Domestic Product at Current and Annual Chain-Linked Prices (£m), 2003-2007
Inflation
Table 3: UK Rate of Inflation (%), 2003-2007
Unemployment
Table 4: Actual Number of Unemployed Persons in the UK (million), 2003-2007
Household Disposable Income
Table 5: UK Household Disposable Income Per Capita (£), 2003-2007
Consumer Confidence
MARKET DYNAMICS
Market Sectors
Market Size
PROBLEM ADVISERS
GENERIC ADVICE
REGULATORY BODIES
Financial Services Authority
Association of British Insurers
The Chartered Insurance Institute
Investment Management Association
REGULATORY DEVELOPMENTS
The Retail Distribution Review
The Implications of Specific Proposals
General Financial Advisers
Primary Advice
Response From the Association of Independent Financial Advisers
Commission and Fees
Consumer Credit Directive
TRAINING AND QUALIFICATIONS
Table 6: Financial Adviser Qualifications, 2007
DEFAULTS
Table 7: The Number of Firms Declared in Default (number and index 2002/2003=100), 2002/2003-2006/2007
DISTRIBUTION
Leading Independent Financial Advisers
Table 8: The Top 12 Independent Financial Advisers by Turnover and Size of Salesforce (£000 and number), 2007
Regional Variations
Table 9: Top Ten Concentrations of Employees in Financial Intermediation by Region (%), 2006
Consolidation of the Industry
Product Distribution
Table 10: Independent Financial Adviser Product Specialisms (number of independent financial advisers), September 2005-2007
COMPETITIVE STRUCTURE
Number of Independent Financial Advisers
Table 11: Independent Financial Advisers by Number of Adviser Firms by Type, 2007
Advertising
Table 12: Main Media Advertising Expenditure on Independent Financial Advice (£000), Years Ending December 2006 and 2007
THE CONSUMER
3. Insurance
STRUCTURE OF THE UK INSURANCE MARKET
Household Expenditure on Insurance
INVESTMENT HOLDINGS
Premiums and Claims
General Insurance
Table 13: General Insurance Claims by Type of Insurance (£bn), 2006
Long-Term Insurance
DISTRIBUTION
General Insurance
Table 14: Total UK General Insurance Business — UK Risks — by Gross Written Premiums and Source of Business (% and £m), 2003-2007
Personal-Lines Insurance
Table 15: Total UK Personal-Lines Insurance Business — UK Risks — by Gross Written Premiums and Source of Business (% and £m), 2003-2007
Motor Insurance
Table 16: Total UK Personal Motor Insurance Business — UK Risks — by Gross Written Premiums and Source of Business (% and £m), 2003-2007
Household Insurance
Table 17: Total UK Personal Household Insurance Business — UK Risks — by Gross Written Premiums and Source of Business (% and £m), 2003-2007
Other Personal-Lines Insurance
Table 18: Total UK Other Personal-Lines Insurance Business — UK Risks — by Gross Written Premiums and Source of Business (% and £m), 2003-2007
Commercial-Lines Insurance
Table 19: Total UK Commercial-Lines Insurance Business — UK Risks — by Gross Written Premiums and Source of Business (% and £m), 2003-2007
Long-Term (Life) Insurance
Individual Protection
Table 20: Individual Protection — New Regular Premiums by Distribution Channel (% and £m), 2003-2007
Group Protection
Table 21: Group Protection — New Regular Premiums by Distribution Channel (% and £m), 2003-2007
Investments and Savings
Table 22: Investments and Savings — New Single Premiums by Distribution Channel (% and £m), 2003-2007
Table 23: Protection Business — New Single Premiums by Distribution Channel (% and £m), 2003-2007
Table 24: Offshore Business — New Single Premiums by Distribution Channel (% and £m), 2005-2007
THE CONSUMER
General Insurance
Life Insurance
4. Mortgages
BACKGROUND
Buy to Let
Sub-Prime Mortgages
THE HOUSING MARKET
Regulation
White Paper on EU Mortgage Credit Markets
Supply and Funding
Product Diversity
Consumer Confidence
Customer Mobility
Issues in the Market
Early Repayment
Responsible Lending
Pre-Contractual Information
APR
Payment Protection Insurance
MARKET SHARE
Table 25: Market Share of Mortgages in Gross Advances Taken by Independent Financial Advisers (%), 2003-2007
THE CONSUMER
5. Investments
BACKGROUND
Unit Trusts and Open-Ended Investment Companies
ISAs and PEPs
Funds of Funds
Tracker and Ethical Funds
With-Profits Funds
DISTRIBUTION
Table 26: Gross Retail Sales of Unit Trusts and OEICs by Distribution Channel (%), 2003-2007
ISAs
Table 27: Gross Individual Savings Account Sales by Distribution Channel (£m, index 2002/2003=100 and %), 2002/2003-2006/2007
THE CONSUMER
6. Pensions
BACKGROUND
Stakeholder Pensions
Stakeholder Products
THE SAVINGS GAP
Personal Accounts
PENSIONS ACTS
IMPLICATIONS FOR INDEPENDENT FINANCIAL ADVISERS
DISTRIBUTION
Individual Pensions
Table 28: Individual Pensions — New Regular Premiums by Distribution Channel (% and £m), 2003-2007
Table 29: Individual Pensions — New Single Premiums by Distribution Channel (% and £m), 2003-2007
Occupational Pensions
Table 30: Occupational Pensions — New Regular Premiums by Distribution Channel (% and £m), 2003-2007
Table 31: Occupational Pensions — New Single Premiums by Distribution Channel (% and £m), 2003-2007
Retirement Income Products
Table 32: Retirement Income Products — New Regular Premiums by Distribution Channel (% and £m), 2003-2007
THE CONSUMER
7. An International Perspective
EU REGULATION
Introduction
The Financial Services Action Plan, 1999
EU Directives
Market Abuse Directive
Markets in Financial Instruments Directive
Best Execution
Client Categorisation within MiFID
Investment Research
Conflicts of Interest
Outsourcing
Insurance Intermediation Directive
Mortgages
MACROECONOMIC INFLUENCES
8. PEST Analysis
POLITICAL FACTORS
ECONOMIC FACTORS
SOCIAL FACTORS
TECHNOLOGICAL FACTORS
9. Consumer Dynamics
INTRODUCTION
Summary of Results
Table 33: Summary of Results (% of respondents), 2007
SOURCES OF FINANCIAL ADVICE
Banks, Building Societies and Insurance Companies
I Have Consulted a Financial Adviser Linked to My Bank for Advice
I Have Consulted a Financial Adviser Linked to My Building Society for Advice
I Have Consulted a Financial Adviser Linked to My Insurance Company for Advice
Table 34: Those Who Have Consulted a Financial Adviser Linked to a Bank, Building Society or Insurance Company for Advice (% of respondents), 2007
Independent Financial Advisers, and Friends, Colleagues and Family Members
I Have Consulted an Independent Financial Adviser for Advice
I Have Consulted a Friend, Colleague or Family Member for Advice
Table 35: Those Who Have Consulted an Independent Financial Adviser, or a Friend, Colleague or Family Member for Advice (% of respondents), 2007
FUTURE SOURCES OF FINANCIAL ADVICE
Banks, Building Societies and Insurance Companies
In the Future, I Would Consult a Financial Adviser Linked to My Bank for Advice
In the Future, I Would Consult a Financial Adviser Linked to My Building Society for Advice
In the Future, I Would Consult a Financial Adviser Linked to My Insurer for Advice
Table 36: Those Who Would Consult a Financial Adviser Linked to a Bank, Building Society or Insurer for Advice in the Future (% of respondents), 2007
Independent Financial Advisers and Financial Websites
In the Future, I Would Consult a Financial Adviser Linked to an Independent Financial Adviser for Advice
In the Future, I Intend to Base My Financial Decisions on Information from Financial Websites
Table 37: Those Who Would Consult a Financial Adviser Linked to an Independent Financial Adviser for Advice and Those Who Intend on Basing Financial Decisions on Information from Financial Websites in the Future (% of respondents), 2007
CONSULTING INDEPENDENT FINANCIAL ADVISERS
General Insurance, Life Insurance and Mortgages
I Would Consult an Independent Financial Adviser About General Insurance
I Would Consult an Independent Financial Adviser About Life Insurance
I Would Consult an Independent Financial Adviser About a Mortgage
Table 38: Those Who Would Consult an Independent Financial Adviser About General Insurance, Life Insurance or a Mortgage (% of respondents), 2007
Investments and Pensions
I Would Consult an Independent Financial Adviser About Investments
I Would Consult an Independent Financial Adviser About My Pension
Table 39: Those Who Would Consult an Independent Financial Adviser About Investments or Their Pension (% of respondents), 2007
FEES VERSUS COMMISSION
I Prefer to Pay a Fee for Financial Advice
I Prefer to Pay for Financial Advice Through Commission on the Products I Choose
Table 40: Those Who Prefer to Pay a Fee for Financial Advice and Those Who Prefer to Pay for Financial Advice Through Commission on the Products They Choose (% of respondents), 2007
ATTITUDE TOWARDS FINANCIAL ADVICE AND INDEPENDENT FINANCIAL ADVISORS
I Do Not Understand Much of the Financial Advice I Receive
I Think Independent Financial Advisors Are Generally Competent and Trustworthy
Table 41: Attitudes Towards Financial Advice and Independent Financial Advisers (% of respondents), 2007
10. Company Profiles
AWD GROUP PLC
Company Strategy
Strengths and Weaknesses
New Product and Brand Development
Distribution
Profitability
Table 42: Financial Results for AWD Group PLC (£000, number, % and £), Years Ending 31st December 2004-2006
Future Company Developments
BARCLAYS PLC
Corporate Strategy
Strengths and Weaknesses
New Product Development and Brand Innovations
Advertising
Distribution
Profitability
Table 43: Financial Results for Barclays PLC (£000, number, % and £), Years Ending 31st December 2004-2006
Future Company Developments
HARGREAVES LANSDOWN PLC
Company Strategy
Strengths and Weaknesses
New Product and Brand Development
Advertising
Distribution
Profitability
Table 44: Financial Results for Hargreaves Lansdown PLC (£000, number, % and £), Years Ending 30th June 2005-2007
Future Company Developments
THE MONEY PORTAL LTD
Company Strategy
Strengths and Weaknesses
New Product and Brand Development
Distribution
Profitability
Table 45: Financial Results for The Money Portal Ltd (£000, number, % and £),Years Ending 31st December 2004-2006
Future Company Developments
OPENWORK LtD
Company Strategy
Strengths and Weaknesses
New Product and Brand Development
Advertising
Distribution
Profitability
Table 46: Financial Results for Openwork Ltd (£000, number, % and £),Years Ending 31st December 2005 and 2006
Future Company Developments
POSITIVE SOLUTIONS (FINANCIAL SERVICES) LTD
Company Strategy
Strengths and Weaknesses
New Product and Brand Development
Distribution
Profitability
Table 47: Financial Results for Positive Solutions (Financial Services) Ltd (£000, number, % and £), Years Ending 31st December 2004-2006
Future Company Developments
TENET GROUP LTD
Company Strategy
Strengths and Weaknesses
New Product and Brand Development
Advertising
Distribution
Profitability
Table 48: Financial Results for Tenet Group Ltd (£000, number, % and £),Years Ending 30th September 2005-2007
Future Company Developments
11. The Future
THE ECONOMY
Unemployment
Table 49: Forecast Actual Number of Unemployed Persons in the UK (million), 2008-2012
Inflation
Table 50: Forecast UK Rate of Inflation (%), 2008-2012
Population
Table 51: Forecast UK Resident Population by Sex (000), Mid-Years 2008-2012
Gross Domestic Product
Table 52: Forecast UK Growth in Gross Domestic Product in Real Terms (%), 2008-2012
THE FINANCIAL SERVICES INDUSTRY
Forces for Change
Technology
Consumers and the Internet
FORECASTS
Table 53: Forecast Share of Advisers Offering Financial Advice by Type (%), 2008-2012
Figure 1: Forecast Share of Advisers Offering Financial Advice by Type (%), 2008-2012
CONCLUSION
12. Further Sources
Associations
Publications
General Sources
Government Sources
Other Sources
Bisnode Sources
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