Research and Markets - UK IFAs and Their Clients; Identifying the IFA Client Base and How it can be Grown
DUBLIN, May 4, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "UK IFAs and Their Clients; Identifying the IFA Client Base and How it can be Grown" report to their offering.
The 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.
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 Topics Covered:
1. Executive Summary
- Key findings
- Critical success factors
2. 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
3. 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
4. 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
5. Appendix
Companies Mentioned
- Echelon Wealthcare
- FCA
- Intelliflo
- Navigator Financial Planning
- Parmenion
- Pension Wise
- PensionBee
- Pensions and Lifetime Savings Association
- Postcard Planning
- Saga Investment Services
- Saunderson House
- Scottish Widows
- Wealth Wizards
For more information visit http://www.researchandmarkets.com/research/wj8jnd/uk_ifas_and_their
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SOURCE Research and Markets
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