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Home > Business/Finance > Financial Services > Financial Management
The Financial Advice Market: Advisor opinion of provider brand
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| Published Date:
March 2006
Published By:
Datamonitor
Page Count:
48
Order Code:
R313-14306
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- EXECUTIVE SUMMARY
- Market context
- How do advisors view provider brands?
- Perception of specific providers' brands
- CHAPTER 1 MARKET CONTEXT
- Datamonitor's brand survey
- Characteristics of the financial advice market survey
- The sample of financial advisors
- The largest group within the survey were sole traders
- Financial advisors are optimistic about the future
- The majority of financial advisors anticipate growth in their market over the next 6 months
- Growth potential within financial advisor's product range is anticipated to be strong in many areas
- SIPPs have the most growth potential in the next six months
- Protection products will maintain their current level of sales
- The with-profit bond market has not yet reached its lowest point
- The Financial advisors' opinion of regarding companies varies dramatically
- Adivisors currently have the highest opinion of Standard Life, and the lowest opinion of Abbey
- Advisors' attitude towards most insurers has declined
- Standard Life, Friends Provident, Scottish Equitable, Prudential and Aviva moved up in the ranking; Skandia and Axa fell
- Financial advisors have the most positive view of Fidelity out of the mutual fund providers, and the most negative view of HSBC
- Opinion of most mutual fund providers has improved
- CHAPTER 2 HOW DO ADVISORS VIEW BRAND?
- The brands of life and pensions companies are rated highly by advisors
- Efficiency in service and quality of products are the most important features of brand perception
- Advisors ranked brand as the least important feature of providers
- Brand is more important to some segments of an advisor's customer base than others
- Although advisors feel that customers are sceptical of providers with a weaker brand, this does not appear to be related to distrust
- Both perceived and actual service is the key value that providers need to promote
- Perception of service as a brand value is crucial
- Service as a brand value was ranked most highly by advisors
- CHAPTER 3 PERCEPTION OF SPECIFIC PROVIDERS' BRANDS
- There is significant variation in the brand perception of life companies
- Standard Life is ranked highly for the perception of its service and its people
- Prudential's brand is strong on the basis of soft factors
- Norwich Union may be held back by its "multi-brand" image
- At the other end of the scale Abbey and Axa are falling behind the pack
- Advisors cannot find reasons for Axa's low brand ranking
- Uncertainty and lack of consistency drives hesitation about what Abbey stands for
- How can those falling behind strengthen their brand perception?
- CHAPTER 4 APPENDIX
- Methodology
- Rating index for financial advisor product and provider attitude
- Definitions
- Life Assurance
- Single Premium Life
- Annual Premium Life
- ISAs
- Single premium pension products
- Personal Pensions
- Stakeholder Pensions
- SIPPs (Self Invested Personal Pensions)
- FSAVC (Free-Standing Additional Voluntary Contributions)
- Annual premium pension products
- Definitions of distribution channels
- Independent Financial Advisors (IFAs)
- Definitions of financial advisor firm types
- Direct sales forces
- Tied agents
- Multi-tied agents
- Bancassurance
- Brandassurance
- Direct marketing
- Telesales
- Other
- 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: What is your attitude to the following insurers?
- Table 5: What is your attitude to the following insurers?
- Table 6: What is your attitude to the following mutual fund providers?
- Table 7: What is your attitude to the following mutual fund providers?
- Table 8: How strong is the brand perception of the following types of financial services providers?
- Table 9: How effective would the following be in strengthening brand perception?
- Table 10: What percentage of your current customer base has liquid assets of?
- List of Figures
- Figure 1: 43% of those financial advice firms surveyed were sole traders
- Figure 2: Most advisors think that the financial advice market will see limited growth over the next 6 months
- Figure 3: SIPPs are the product forecast to see the highest growth over the next 6 months according to IFAs
- Figure 4: The attitude to most insurers has declined between the Q4 2005 and the Q1 2006 surveys
- Figure 5: Opinion of most mutual fund providers has improved since 2005
- Figure 6: Efficiency of service is the most important feature of brand perception
- Figure 7: The less financially aware a client, the more important brand strength is in the choice of provider
- Figure 8: Customers are skeptical of providers with a weaker brand
- Figure 9: Without an improvement in service, any efforts by providers to improve their brand strength will have little effect on me
- Figure 10: Service as a brand value was ranked most highly by advisors
- Figure 11: There is variation in the perception of the brand of life companies
- Figure 12: Standard Life's brand is rated very highly across most areas
- Figure 13: How effective would the following be in strengthening brand perception?
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