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(MoneyNewsWire.Net, March 29, 2016 ) 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.
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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 Financial’s 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.
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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.
Table of Contents
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
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