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The Spanish Financial Advice Market 2005
Datamonitor, March 2005, Pages: 54


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Spain has one of the most conservative financial services distribution markets in Europe. However the rapidly growing wealth of Spanish consumers makes this a potentially very attractive market for independent financial advisers, but advisers will need to make consumers understand they have a need for independent advice before they can fulfill it.

Scope of the report:

- This brief covers the Spanish market but gives crucial background information about the wider European market

- It covers the market share held by financial advisers in the mutual fund and life and pensions markets and forecasts forwards

- It covers the market share held by financial advisers in the mutual fund and life and pensions markets and forecasts forwards

- It contains survey information drawn from interviews with more than 20 key financial advice companies in Spain

Highlights:

- Independent financial advisers account for only 3% of life and pensions distribution in Spain, while independent brokers (who only sell insurance products) hold a larger share at about 5%. This is largely because offering independent financial advice in the Spanish market is not regulated, whereas independent brokerage is.

- The limited nature of the Spanish independent advice market means that advisers tend to be focused in a particular area, rather than drawing their revenues from a wide range of product types. Most competitors either draw the majority of their revenues from general insurance or equity-based investments.

- Spanish financial advisers are positive about the future of the market for financial advice in their country. 76% of Spanish financial advisers believe that financial advice is a growing element of the financial services distribution market in Spain while only 12% disagree.

Reasons to Purchase:

- Understand the attitudes and opinions of key players in this crucial distribution channel in order to market to it more successfully going forward

- Size the proportion of the life and pensions and mutual fund products currently being sold through this channel

- Assess the importance of this channel for distribution strategies going forward




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