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UK IFAs 2011
Datamonitor, Nov 2011, Pages: 104
The UK IFAs 2011 assesses the strategies IFAs have to address regulatory pressures and the threat from other distribution channels. IFAs face substantial challenges to adapt their business model for the Retail Distribution Review which will be implemented in 2013 The industry must also confront the changing behaviors consumers have towards financial advice to remain profitable.
Scope:
- Identify and effectively target consumer segments in the provision of certain types of advice.
- Benchmarking against other IFA business structures to enhance efficiency and determine the correct utilization of wrap platforms.
- Enhance knowledge of how regulation will drive and inhibit the IFA market and the opportunities and threats facing them.
- Provides analysis of the key life and pension products, including how the economic climate stimulates will affect individual product lines.
Highlights:
- In 2010, IFAs accounted for 74% of the total life and pensions market whilst bancassurance accounted for just 7%. The IFA distribution channel is well sought after in the UK for the provision of professional knowledge regarding consumer's financial planning needs.
- Between 2007 and 2011 the number of small IFA firms witnessed a compound annual decline of 20% and held 17% of the market compared to 2007 where they were the largest business structure accounting for 37% of the market.
- Consumers’ low willingness to pay for financial advice poses a key threat to IFAs in the post-RDR landscape with a fee-based charging model. IFAs will go upmarket and target HNW clients to obtain a recurring income stream thereby leaving mass market clients orphaned to financial advice.
Reasons to buy:
- How IFAs can effectively align their business structure in order to adapt to changing consumer needs post-RDR.
- Access The forecasts for the market, gaining valuable insight of how the sector is set to develop.
- Identify the threat from other distribution channels taking away market share in the distribution of life and pensions products.
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