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Channel Metrics: Consumer Distribution Trends in UK Financial Advice is the most detailed and up-to-date guide to distribution trends in financial advice in the UK available on a published basis. It analyses: how consumers use this service - e.g. online, telephone, post or in person; from whom they use it - e.g. direct from the independent financial adviser, through affinity or financial partners; and how often they use it - i.e. how many consumers used it in 2013, either for the first time or by using a different provider to that used the previous time. Findings from this survey, which represents trends in 2013, are compared with those from 2011 to show trends over time. Furthermore, results are provided separately for all respondents taking financial advice (i.e. the 'stock'), for new customers and switchers (i.e. those making a distribution choice in the year in question), and for customers carrying on with an existing financial advice (i.e. showing their distribution choices in the year that they originally took financial advice from their current provider). Moreover, reasons for taking financial advice are also investigated, distinguishing between the following: regular savings other than a pension; lump-sum investments other than annuities or pensions; saving for retirement through a pension; alternative forms of income in retirement; and annuities.

Generic and specific distribution channels covered by this Channel Metrics briefing are as follows:

Direct sales

Not-for-profit affinity groups
of which
Charities
Educational institutions
Professional or trade associations
Sports organisations
Trade unions

Financial partners
of which
Banks or building societies
Insurance companies
Stockbrokers

Non-financial commercial partners
of which
Automotive associations
Magazines, newspapers or other media

Worksite

Channel Metrics: Consumer Distribution Trends in UK Financial Advice is based on the results of an online survey of 1,000 consumers undertaken during December 2013.

Table Of Contents

Channel Metrics: Consumer Distribution Trends in UK Financial Advice
0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 2
What is this report about? 2
Rationale 2
Updating the results from previous biannual surveys 2
Analysis of consumers making an active distribution choice 2
Analysis of consumers taking out financial services in prior years 3
Analysis of distribution interfaces and channels 3
Expanding upon the results from previous surveys to reflect new distribution trends 3
Option for customised data analysis 5
Finaccord 5
Channel Metrics briefings 5
Other UK consumer research publications 5
UK affinity and partnership marketing publications 6
2.0 SURVEY FINDINGS 7
Introduction 7
Switching rates, brand new customers and renewals 7
Distribution interfaces 9
Interfaces used by all customers 9
Interfaces used by switchers and new customers 11
Interfaces used by customers returning to their previous provider 13
Distribution channels 15
Channels used by all customers 15
Channels used by switchers and new customers 17
Channels used by customers returning to their previous provider 20
Comparative strength of channels between new business and renewals 22
Reasons for taking financial advice 24
3.0 APPENDIX 25
Research sample and mechanics 25
Research methodology and structure 27

List of Graphics / Tables


0.0 EXECUTIVE SUMMARY 1
1.0 INTRODUCTION 2
The financial services distribution universe: channels and interfaces 4
2.0 SURVEY FINDINGS 7
% of consumers switching provider, taking financial advice for the first time or returning to their existing
provider, 2011 and 2013 8
% of consumers switching provider, taking financial advice for the first time or returning to their existing
provider, 2011 and 2013 (table) 9
Distribution interfaces used by all respondents taking financial advice, 2011 and 2013 10
Distribution interfaces used by all respondents taking financial advice, 2011 and 2013 (table) 11
Distribution interfaces used by switchers and new customers for financial advice, 2011 and 2013 .. 12
Distribution interfaces used by switchers and new customers for financial advice, 2011 and 2013 (table) 13
Distribution interfaces used by respondents returning to their previous financial adviser, 2011 and 2013 14
Distribution interfaces used by respondents returning to their previous financial adviser, 2011 and 2013
(table) 15
Distribution channels used by all respondents taking financial advice, 2011 and 2013 16
Distribution channels used by all respondents taking financial advice, 2011 and 2013 (table) 17
Distribution channels used by switchers and new customers for financial advice, 2011 and 2013 18
Distribution channels used by switchers and new customers for financial advice, 2011 and 2013 (table) . 19
Distribution channels used by respondents returning to their previous financial adviser, 2011 and 2013 .. 21
Distribution channels used by respondents returning to their previous financial adviser, 2011 and 2013
(table) 22
Comparison of main distribution channels used for acquiring financial advice, switchers and new
customers versus renewals, 2013 23
Reasons for taking financial advice, 2013 24
3.0 APPENDIX 25
Sample breakdown by age group, household income band and geographical location 26

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