UK IFAs, Investment Managers, and Platforms

UK IFAs, Investment Managers, and Platforms


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Executive Summary

Independent financial advisors (IFAs) are a key distribution network for investment managers, meaning that understanding IFAs preferences is crucial for investment product providers seeking to succeed through this channel. Over the past decade platforms have emerged as the channel through which both advisors and direct retail investors increasingly access investment products: over half of gross retail sales were conducted through platforms in 2014. Most advisors rely on multiple platforms in serving their clients, reflecting the fact that platforms differ in terms of their pricing and service offering.

Key Findings

The attractiveness of platforms is first and foremost driven by the investment fund range they offer. Another key consideration is investment fund returns. Beyond products and performance, low costs are important to advisors.

Investment product providers are regularly reviewed by IFAs. 30% review their investment product providers quarterly and 45% do so annually.

Platform sales account for a growing percentage of gross retail fund sales. 94% of advisors use platforms, with the majority relying on more than one. The three most widely used platforms are Old Mutual, Cofunds, and FundsNetwork.

There is increasing interest in the use of model portfolios and discretionary portfolio management driven by clients preference for specialist advice and the need for additional expertise where it is not available in-house.

Online is the main channel of communication. Nearly three quarters of IFAs communicate with investment providers online on a weekly basis.

Synopsis

Verdict Financials UK IFAs, Investment Managers, & Platforms is a comprehensive analysis of what UK IFAs value in their investment product providers and the platforms that they use. Drawing from our 2015 IFA Survey, the report offers insight into which platforms advisors use, the key features they value, and what motivates them to consider switching providers.

The report also offers insight into:

The importance of IFAs as a distribution channel

What motivates IFAs to rely on third-party asset managers

How to cultivate relationships with advisors

Reasons To Buy

Receive a comprehensive overview of what investment product and platform features IFAs look for.

Get fact-based insight into the IFA market from our proprietary 2015 IFA Survey.

Identify how to remain competitive by understanding IFA preferences.



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EXECUTIVE SUMMARY

Key findings

Critical success factors

IFAS ARE A KEY DISTRIBUTION CHANNEL

Retail fund distribution increasingly occurs through platforms

PLATFORMS ARE A SIGNIFICANT CHANNEL FOR ADVISORS

Key product features

Fund range and fund performance are IFAs top considerations

Platforms should note IFAs cost-conscious nature

Online access is a necessity for advisors

The majority of IFAs rely on multiple platforms

Fund supermarkets are the platforms used most widely and most often

Fund supermarkets are rated as the most attractive platform packages

PRODUCT PROVIDERS ARE REGULARLY REVIEWED

IFAs review providers on at least an annual basis

Shortcomings in fund ranges and performance prompt platform reviews

Keeping charges competitive is key to retention

IFAS ARE INCREASINGLY INTERESTED IN USING DISCRETIONARY FUND MANAGERS

Assets under management under third-party managers remain a fraction of advisors total client assets

Asset managers should position themselves as offering strong specialist expertise

REGULAR TRAINING HELPS CEMENT ADVISOR RELATIONSHIPS

Staying informed is important to IFAs in a post-RDR world

MiFID II will still allow investment product providers to offer benefits to advisors

Online is the leading communication channel

APPENDIX

Abbreviations and acronyms

Definitions

IFA

Methodology

Verdict Financials 2015 IFA Survey

Bibliography

Further reading

About Verdict Financial

Disclaimer

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Ascentric

Aviva

AXA

Cofunds

Elevate

FundsNetwork

Fidelity

Nucleus

True Potential

Standard Life

Transact

Zurich

Skandia

Old Mutual

Financial Advisers, Mass Affluent, Financial Advice, Funds, Fund Supermarkets, Ifas, Investment Managers, Investment Platforms, Investment Products, Investments, Wrap Platforms, Platforms.

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