IFAs and wealth managers come into conflict

August 18, 2008 | posted by Matthew Ward in Insight, Investment, Pensions, Service | comments (0) |

A recent article in Professional Adviser saw Barclays Wealth supremo, Mark Kibblewhite, responding to criticism from the IFA community about the levels of client service provided by large wealth management players (such as Barclays).

Of key interest here is the fact that these two entities are even having this debate when a few years back it would have been unthinkable. This says much about the fact that the pressure is on across the advice sphere to deliver a professional proposition and service to clients.

Defaqto has observed the closing of the gap between the retail and private banking sectors in its 2007 and 2008 wrap market reports.

Firstly, retail providers and advisers are aiming to upgrade their propositions to target more profitable business in the form of wealthier individuals. Secondly, private banking operations are being minded to protect existing business and target new business via the identification of ‘would-be’ wealthy individuals.

Hence the two industries are coming into contact more regularly in the contest for ‘holistic’ wealth management business. Watch this space for further conflict between the main players…

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Be my Valentine!

February 14, 2008 | posted by Ben Heffer in Service | comments (0) |

St Valentine’s Day sees the publication of Defaqto’s third Investment Service Report and, at a time when many are focused on their personal relationships, perhaps it is timely to review the relationship IFAs have with their chosen business partners.

We choose and stay with our life partners because on balance we get on together. We may not be well matched in all areas of our life, in fact some things our partners do may annoy the hell out of us, but on the whole there is sufficient compatibility to ensure a mutually beneficial relationship.

The situation is not disimilar for IFAs and their preferred investment bond providers. In Defaqto’s study, Skandia, Standard Life and Zurich Assurance were voted the most popular providers of onshore bonds and on the whole these providers are performing well from a service satisfaction viewpoint. Interestingly, though, they don’t get top scores for all the service disciplines examined in the study. Some providers, for example, AXA, Prudential and AIG Life score very poorly indeed.

Most would agree that lasting relationships are built on mutal respect and commitment from both parties rather than the occasional grand gesture, such as heart-shape balloons and flowers on St Valentine’s Day. Just like personal relationships, IFAs will put up with with a certain amount from their preferred providers, but in the end if things don’t improve, they may be forced to bail out and seek romance elsewhere!

The report is available to download free from www.defaqto.com/report

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Free Defaqto report shows how IFAs rate investment providers for service

February 14, 2008 | posted by Luci Mylward in Insight, Investment, Press Release, Service | comments (0) |

A new report  Investment Service 20081 is the third annual investment study from Defaqto into how IFAs rate provider service levels.The report is downloadable free of charge at: http://defaqto.com/report

Based on research among 500 IFAs2, it identifies what IFAs consider the most important service functions from the 32 examined, how well each provider performed when the service functions were grouped into nine benchmark categories and which companies were the top three preferred providers in each main type of investment contract.

Also the report  measures how well the industry as a whole is meeting adviser expectations across the nine categories. The findings indicate that in some important service categories the industry is falling short of expectations.

Another important section of the report includes a Defaqto critique of the service levels of the eighteen  providers profiled, often comparing their situation with how they performed last year.

Ben Heffer,  Principal Consultant - Service  and author of the report said: “The report addresses the difficult area of quantifying IFA levels of satisfaction with investment product providers, but because of the large number of respondents and the depth of the research, we are very confident in the findings.”

Providers wishing to understand in detail exactly how their individual service levels are regarded by IFAs and how these compare with the industry average, can purchase a further bespoke report derived from the very substantial market research study that is the basis of this report.

                                                                                     -Ends

Notes to Editors

1 The Investment Service 2008 is available free of charge from: http://defaqto.com/report  For further information, please contact Ben Heffer on 01844 295447.

2Fieldwork was undertaken by W A Taylor and Associates during December 2007 with 500 randomly-selected IFAs by one to one telephone interviews

For further information contact:

Defaqto Limited
Ben Heffer, Chris Johnston or Luci Mylward
01844 295 454

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FREE Defaqto report shows how IFAs rate Protection Providers for service

December 4, 2007 | posted by Chris Johnston in Insight, Press Release, Protection, Service | comments (0) |

 A new report “Protection Service 20071 “ is the second annual protection study from Defaqto into how IFAs rate provider service levels. The report is downloadable free of charge from: www.defaqto.com/report 

Based on research among 500 IFAs2, it identifies what IFAs consider the most important service functions from the 39 examined, how well each provider performed when the service functions were grouped into nine benchmark categories and which companies were the top three preferred providers in each main type of protection contract.  

The report also measures how well the industry as a whole is meeting adviser expectations across the nine categories. The findings indicate that in some important service categories the industry is failing short of expectations. 

Another important section of the report includes a Defaqto critique of the service levels of the thirteen providers profiled, often comparing their situation with how they performed last year. 

Ben Heffer, Principal Consultant - Service and author of the report said: “The report addresses the difficult area of quantifying IFA levels of satisfaction with protection product providers, but because of the large number of respondents and the depth of the research, we are very confident in the findings.” 

Providers wishing to understand in detail exactly how their individual service levels are regarded by IFAs and how these compare with the industry average, can purchase a further bespoke report derived from the very substantial market research study that is the basis of this report. 

-Ends       

Notes to Editors
1 The “Protection Service 2007” is available free of charge from: www.defaqto.com/report  For further information, please contact Ben Heffer on 01844 295447. 
2 Fieldwork was undertaken by W A Taylor & Associates during August 2007 with 500 randomly-selected IFAs by one to one telephone interviews   

For further information contact:
Defaqto Limited
Ben Heffer, Chris Johnston or Luci Mylward 01844 295 454   

 

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