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What Does Good Service Mean For IFAs?

Datamonitor
May 9, 2006
53 Pages - SKU: DFMN1285530

Abstract Table of Contents Search inside this report Related Reports

Introduction
This brief examines what aspects of service are most important to financial advisors and identifies those areas where providers can make the most difference, potentially at the least cost.

Scope

Survey of 100 financial advisors to ascertain their opinion of market developments and the level of service they receive from providers.
The report analyzes how important service is for financial advisors and which providers fulfill client needs regarding this aspect.
Identifies those areas of service that are most important to advisors.

Highlights
A good service offering is vital to financial advisors and the level of service they receive influences the allocation of business. However, overall financial advisors believe that the quality of service has not improved significantly over the last five years.

The most important aspects of service are efficiency and quality of communication. Online technology has improved providers' quality of service.

Standard Life gets the highest rating throughout all different aspects of service.

Reasons to Purchase

Find out how important service is for financial advisors when it comes to the choice of provider.
Identify key areas of service that need to be improved in order to gain financial advisors' esteem.

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?

What Does Good Service Mean For IFAs?

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