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Engaging with UK Financial Advisors: Trends, Concerns, and Opportunities

Engaging with UK Financial Advisors: Trends, Concerns, and Opportunities

  • February 2019
  • 48 pages
  • ID: 5741430
  • Format: PDF
  • By GlobalData


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Engaging with UK Financial Advisors: Trends, Concerns, and Opportunities

With the opportunities afforded by the 2015 pension freedoms and an aging population in need of retirement advice, growth prospects are strong for financial advisors.The UK Financial Advisor market is in strong shape.

Typically considered a shrinking market, the number of advisors and advice firms are increasing, while average revenues are also on the up. And investor demand for advice remains strong, particularly for those approaching or in retirement.

But there is a heavy and growing regulatory burden, which is a notable driver for those exiting the profession and the resulting high level of acquisition activity. Regulation is pushing remaining advisors to rethink their business models - whether that involves switching to restricted status, using independent financial advisor (IFA) support services, or even restructuring propositions and outsourcing investment management.

Most advisors are loath to switch to restricted status and hesitant to outsource, but arguments around increasing time spent with clients and reducing the regulatory burden are the most compelling. As lower-cost alternatives to full discretionary management outsourcing, these may convince advisors to try outsourcing investment management.

This is all set against the rise of automated investment services, which is currently low on the list of advisor priorities but which the Financial Conduct Authority looks set to put firmly on the agenda in 2019.

The report "Engaging with UK Financial Advisors: Trends, Concerns, and Opportunities", is a comprehensive analysis of the UK Financial Advice market, with a focus on key issues affecting IFAs and their businesses. The report draws its analysis from 2018 IFA Survey and 2018 UK Investor Survey.

Key Findings
- There were 5,281 financial advisor firms at the end of 2017, of which 87% were independent. Financial advisors also accounted for 58% of retail investment sales in H1 2018.
- 28.3% of investors typically use financial advisors to arrange investments, the second most used channel behind arranging investments directly with providers (used by 31.4% of the UK investor population).
- Regulatory compliance is considered the top threat by 62.5% of advisors. For the 8.4% of advisors looking to exit the profession, regulation is the second most cited driver after retirement.
- 39.1% of advisors outsource investment management to discretionary fund managers (DFMs). For those that do not, cost is the most cited barrier.

- Overview of the UK IFA competitive landscape, analyzing advisor numbers, business models, and industry consolidation trends.
- Key demographics accessing financial advice and the reasons behind them doing so.
- Threats and Opportunities for IFAs trying to expand their business.
- Impact of Brexit and MiFID II on the UK financial advice industry.
- Factors influencing IFAs’ choice between independent and restricted models.
- Insight into how product providers, including platforms and DFMs, can engage with the IFA industry.

Reasons to buy
- Understand which segments of the UK investment market offer the highest growth potential.
- Identify the main pain points of IFAs to engage with them effectively.
- Discover what is driving consolidation in the UK IFA market in order to understand how you can benefit from the trend.
- Learn how IFAs choose their partners and product providers to increase your penetration in the market.

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