What Does Good Service Mean For IFAs?: Industry Research Report

What Does Good Service Mean For IFAs?

Published Date: May 2006

Published By: Datamonitor

Page Count: 53

Order Code: R313-14347

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EXECUTIVE SUMMARY: Market context; Who offers the best service?; What aspects of service are crucial?
CHAPTER 1 MARKET CONTEXT: Introduction; Financial advisors remain optimistic about the future; Growth potential within financial advisors’ product range focuses on five products; The financial advisors’ attitude towards insurers and mutual fund providers
CHAPTER 2 WHO OFFERS THE BEST SERVICE?: Introduction; A good service offering is vital for financial advisors; The level of service influences the allocation of business
CHAPTER 3 WHAT ASPECTS OF SERVICE ARE CRUCIAL?: Introduction; Financial advisors appreciate efficiency and quality of communication; Online capabilities are crucial to the service quality; Overall, advisors simply want to be listened to
APPENDIX: Supplementary data; Research methodology; Definitions; Future readings; SPP writing team
LIST OF TABLES: Table 1: Which of the following best describes your company?; Table 2: I believe in the next 6 months the financial advice market will…; Table 3: Over the next six months how do you expect sales in each of the following products to change?; Table 4: Adivsors’ rating of leading insurers; Table 5: What is your attitude to the following mutual fund providers?; Table 6: Advisors’ rating of mutual fund providers; Table 7: Which provider offers the best all round service?; Table 8: Which provider offers the worst all round service?; Table 9: How important are the following aspects of service to choice of provider?; Table 10: Ranking of most important aspects of service; Table 11: How much time do you save per week by receiving a good service in the following areas?; Table 12: Ranking of most time-saving aspects of service; Table 13: Efficiency of policy processing ranked by type of product; Table 14: What is your preferred method of communication with providers?; Table 15: Methods of communication with provider ranked by preference; Table 16: In your opinion, what can providers do to improve levels of communication between themselves and financial advisors?; Table 17: Financial advisors see most potential in improving quality of help lines; Table 18: Does more than 50% of your customer base have total liquid assets of over £200,000?; Table 19: What is your attitude to the following insurers?; Table 20: Which provider offers the best all round service?; Table 21: Which provider offers the worst all round service?; Table 22: Quality of communication with advisor; Table 23: Efficiency of processing claims and queries; Table 24: Speed of dealing with problems and support; Table 25: Efficiency of commission payments; Table 26: To what extent to you agree with the following statements:; Table 27: Please rank on a scale of 1-5, the efficiency of policy processing in the following areas:
LIST OF FIGURES: Figure 1: One-third of the surveyed firms were sole traders; Figure 2: Advisors’ 6 month forecast: comparison of Q1 and Q2 2006; Figure 3: 56% of financial advisors expect growth in their market; Figure 4: ISAs have overtaken SIPPs in the 6 months forecast; Figure 5: The attitude to insurers has changed significantly between the two surveys in the first half of 2006; Figure 6: Advisors’ attitude towards top three mutual fund providers has further improved; Figure 7: The most common reasons given for a provider being a financial advisor’s favorite; Figure 8: In your opinion, has the service financial advisors receive from providers improved in the last 5 years?; Figure 9: To what extent does service influence the choice of provider?; Figure 10: What percentage of your business do you give to the provider with the best overall service?; Figure 11: What percentage of your business do you give to the provider with the worst service?; Figure 12: Ranking of providers based on four different aspects of service; Figure 13: Has the growth in online applications, processing and management of policies improved the service that you receive from providers?