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Belgo-Dutch Financial Advice Market

Datamonitor
January 27, 2010
31 Pages - SKU: DFMN2593953

Abstract Table of Contents Search inside this report Related Reports

Countries covered: Belgium, Netherlands

Introduction

The recession is causing investors to seek advice, and FS providers are focusing their attention on their advisory models.

Scope

Structure of the Belgo-Dutch advisory market including distribution data.
HNW investors' views of, and use of, financial advice based on Datamonitor's proprietary survey.
Belgo-Dutch consumers' trust in banks and independent financial advisors based on results from Datamonitor's proprietary survey.
Regulatory environment for financial advice in Belgium and the Netherlands.

Highlights

The Netherlands' retail customers are not yet convinced by professional financial advice and remain distrustful of financial advisors. However interestingly Dutch consumers are less motivated by trust when making FS decisions and thus a strong agent presence is maintained in the Netherlands.

Belgo-Dutch HNWs are strongly driven by return and look to risky asset classes and more aggressive investment strategies to seek out greater returns.

Over 70% of Belgo-Dutch HNWs are seeking tax advice today, significantly greater than the 50% seen within Europe as a whole.

Reasons to Purchase

Understand the structure of the Belgo-Dutch financial advice market, and the broader financial services distribution channels.
Gain an insight into what customers are demanding from their financial advisors, both now and in the future.
Find out what impact regulation has had on the financial advice market landscape in Belgium and the Netherlands.

Overview
Catalyst
Summary: Executive Summary; Market structure; Regulatory developments; Customer demands; Table of Contents; Table of figures; Table of tables; Market Structure; There are strong differences between the financial intermediary market in Belgium and the Netherlands; Belgium and the Netherlands have a small financial intermediary market, amassing only 12,000 financial advisors between the two countries; Insurance companies have a strong channel in place within the life and pensions markets in both countries, although the distribution by agents differs quite strongly; Tied advisors account for sizable components of both intermediary markets but play a more important role in the Belgian market; Regulatory Developments; A number of government bodies control regulation of the financial markets in the Netherlands; In the Netherlands, the AFM is responsible for the monitoring of financial advisors; The Banking, Finance and Insurance Commission is responsible for the supervision of the Belgian Market; The CBFA enforces the registration of financial intermediaries; The European Commission has introduced a number of regulatory reforms affecting the financial advice distribution channel in Belgium and the Netherlands in recent years; Insurance Mediation Directive allows cross-border advice; Markets in Financial Instruments Directive increases the suitability of advice; Compliance has been varied in the Belgo-Dutch region; Negative press coverage and new legislation forcing advisors to reveal commission rates may initiate the move towards fee-based financial advice; Negative press attention brings fee-based business models closer to viability but its day is not yet here; Regulation is in the pipeline to reveal the amount of commission advisors receive when selling FS products; Changes in the provision of pensions looks set to increase the role of intermediaries, with opportunities in the Netherlands looking particularly interesting; Servicing Customers; Belgo-Dutch HNWs appreciate the risk-return relationship and look to reap higher rewards for their sturdy risk appetites; Belgo-Dutch HNWs combine strong risk appetites with below-average knowledge of products and market understanding; Belgo-Dutch HNWs are looking to take advantage of the market turbulence, bearing more risk to gain potentially higher returns; HNW demands for the future revolve around high risk, high return products; An interest in direct equity and margin lending signposts Belgo-Dutch HNWs high return preferences; Belgo-Dutch HNWs are looking for mispriced equities and are not averse to doing so unaided; Belgo-Dutch wealth managers reveal the best strategies to increase wallet share and customer retention; CRM and face-to-face contact are the most effective techniques for driving wallet share in the Belgo-Dutch region; Pro-activity with investment suggestions drives customer retention; The Netherlands' retail customers are not yet convinced by professional financial advice
APPENDIX: Definitions; Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Tables: Table 1: Market share breakdown by type of intermediary: Belgium and the Netherlands vs. European average
List of Figures: Figure 1: The Belgo-Dutch markets are much smaller than their European neighbors; Figure 2: The prevalence of agents distributing L&P varies between Belgium and the Netherlands; Figure 3: Belgium and the Netherlands have quite similarly structured intermediary markets; Figure 4: Belgo-Dutch HNWs reveal strong appetites for risk coupled with average knowledge and understanding; Figure 5: The high risk appetite is tempered by an understanding of the risk return relationship; Figure 6: Belgo-Dutch HNWs are demanding very different products from those seen from the European average; Figure 7: Interest in direct equity investment and margin lending once again highlights the robust Belgo-Dutch risk profile; Figure 8: Mistrust of banks has caused Belgo-Dutch HNWs to consider managing their own money; Figure 9: CRM is particularly effective in the Belgo-Dutch region; Figure 10: Being proactive is essential to maintaining a client base in the Belgo-Dutch region; Figure 11: Dutch consumers reveal a mixed response concerning professional financial advice; Figure 12: Dutch consumers are showing a preference for advice from their primary bank; Figure 13: Dutch consumers fly in the face of the global trend and are not shopping around more for financial products; Figure 14: There are lower levels of trust in financial advisors within the Dutch market compared to other markets globally

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