投資商品の選択に関するファイナンシャルアドバイザーの意見

Abstract

Overview

Introduction

The report uses information from Datamonitor' s quarterly survey of financial advisors to understand how investment choices are perceived in the industry

Scope

• Survey conducted among 94 financial advisors revealing their views on a variety of investment choices
• In-depth analysis and identification of the most popular investment products and customer groups according to financial advisors
• Identification of key issues crucial to the investment market and forecasts for the future uptake of certain investment products

Report Highlights

This report identifies and analyses key issues relating to investment choices made by investors, including identification of the main products and client groups, as well as the key market opportunities and factors affecting an advisor or investor' s choice of provider. Forecasts outlining the changing pattern of investment choices are also included.

Reasons to Purchase

• Identify market opportunities by discovering which product areas IFAs see as having the greatest potential
• Identify the main client groups, as well as the most popular products and life providers in the eyes of financial advisors
• Understand where improvements can be made, in areas such as fees, communication, product complexity and service

Table of Contents

• Overview
  • Catalyst
  • Summary
  • Methodology
• Executive Summary
  • Market Context
  • Sector Issues
• Table of Contents
• Table of figures
• Table of tables
• MArket Context
  • The Survey sample consists mostly of sole traders
    • Sole Traders account for just over 40% of the total survey sample
    • Financial advisors' clients cover a range of wealth levels
  • Financial advisors believe sales of many savings products will remain unchanged in the future
  • In terms of providers, financial advisors have a particularly positive attitude towards Skandia, Friends Provident & Standard Life
    • Skandia has been a prominent name in the UK savings & investments market in recent years
    • Friends Provident is one of the UK' s largest financial services groups and houses one of the oldest asset management groups in Europe
      • Friends Provident' s F&C asset management subsidiary is one of the top five UK fund managers
    • Standard Life is a leading UK fund manager employing a "focus on change" investment philosophy
  • In terms of mutual fund providers, advisors are most positive about Invesco Perpetual & Fidelity
    • Invesco Perpetual is one of the largest independent asset management companies in the UK
    • The Jupiter Group has received more than 120 awards over the past four years
  • Data
• Sector Issues
  • Advisors' choice of provider is most affected by provider service and financial strength
    • Product features and historic investment performance area also factors that feature heavily in an advisor' s decision process
      • However, other factors such as broker consultant relationship and commission, though less of an influence are still important
  • Life companies' asset management arms have improved somewhat over the last 5 yrs
    • However, there are still a variety of improvements that could be made in areas such as service, product performance, product features & fund manager recruitment
    • Skandia, Standard Life and Legal & General are perceived as having particularly strong AM arms
      • Jupiter, Invesco Perpetual & New Star are mutual fund providers highly rated as asset managers
  • The area of specialization varies between different fund managers
    • Norwich Union, New Star and Standard Life are rated as the top property fund managers
    • Fidelity, Invesco Perpetual & Jupiter are rated as the top UK equity fund managers
    • Fidelity, Jupiter & Invesco Perpetual are also rated as the top 3 International equity fund managers
    • Artemis, Midas & Gartmore are rated as the top boutique fund managers
    • Artemis & Gartmore have product offerings of particular interest
      • Artemis is a dedicated active investment management house
    • Gartmore has been managing long-only investments for over 30 years
  • The key opportunities in the market lie with products such as wraps and REITs, as well as areas such as the Far East
    • Fund supermarkets and major life companies have been the main wrap market participants of late
    • Fund supermarkets and wraps are growing at a considerable rate in the UK market
    • There has been significant hype surrounding the introduction of REITs in January 2007
  • Size of fees have a most significant impact in the choice of life company
    • Fees need to be transparent, as well as reasonable
    • The range of funds is also important for all investments
  • Advisors find complex funds fairly simple to communicate to clients
    • Advisors have also found the same level of ease with manager of manager propositions
    • But despite the ease of explanation, higher charges are not always indicative of worthwhile return
    • There is a similar disparity of opinion regarding charges applied to manager of manager funds
  • REIT funds are seen as a particular area of growth
    • Equity-based REIT products are seen as having the most market potential
  • Data
• APPENDIX
  • Definitions
    • Fund of Fund Investments
    • Manager of Manager Investments
    • ICVCs
    • Real estate investment trust (REIT)
  • Methodology
  • Further reading
  • Ask the analyst
  • Datamonitor consulting
  • Disclaimer
  • List of Tables
    • Table 1: Funds under management levels, 2006, split by asset class
    • Table 2: Composition of survey sample, segmented by type of company
    • Table 3: Percentage of respondents who classify more than half their customer base as high net worth
    • Table 4: Percentage of respondents who classify more than half their customer base as mass affluent
    • Table 5: Advisor opinion as to how sales of certain investment products will change over the next six months, % of respondents
    • Table 6: Advisor attitude towards a selection of life companies, % of respondents
    • Table 7: Advisor attitude towards a selection of mutual fund companies, % of respondents
    • Table 8: Percentage of respondents who believe a selection of factors have an influence on their choice of life company
    • Table 9: Financial advisor opinion as to the development of life company asset management arms over recent years
    • Table 10: Providers perceived to have the best asset management arms
    • Table 11: Mutual fund providers rated highly as asset managers
    • Table 12: The top property fund managers
    • Table 13: The top equity fund managers
    • Table 14: The top international equity fund managers
    • Table 15: Financial advisor opinion towards the effect of management fees on their choice of life company
    • Table 16: Financial advisor opinion towards the effect of management fees on their choice of mutual fund provider
    • Table 17: Financial advisor opinion as the effect of fee transparency on their choice of investment product
    • Table 18: Financial advisor opinion as to the importance of a wide range of underlying investment funds for a selection of products
    • Table 19: Financial advisor opinion as to whether they find fund of fund investments straightforward to explain to their clients
    • Table 20: Financial advisor opinion as to whether they find manager of manager investments straightforward to explain to their clients
    • Table 21: Financial advisor opinion as to whether they believe returns achieved through fund of fund investments are worth the higher charging structures
    • Table 22: Financial advisor opinion as to whether they believe returns achieved through manager of manager investments are worth the higher charging structures
    • Table 23: Financial advisor opinion as to the growth potential for REITs over the next 5 years
    • Table 24: Financial advisor opinion as to which type of REIT holds the biggest growth potential
  • List of Figures
    • Figure 1: Sole Traders constitute just over 40% of the total survey sample
    • Figure 2: Just over a quarter of respondents have more than 50% of their client base classified as high net worth
    • Figure 3: Approximately half of respondents have more than 50% of their customer base classified as mass affluent
    • Figure 4: The majority of financial advisors believe sales of many savings products will remain unchanged over the next 6 months
    • Figure 5: Financial advisors are most optimistic as to the growth potential of ISA, SIPP & personal pensions products over the next 6 months
    • Figure 6: Very few advisors had an overtly negative view of providers
    • Figure 7: A large proportion of respondents were indifferent towards providers, citing the belief that their products were not matched to their business model
    • Figure 8: In terms of product providers, financial advisors have a particularly favorable attitude towards Skandia & Friends Provident
    • Figure 9: Financial advisors are most impressed by Invesco Perpetual and Fidelity in terms of mutual fund providers
    • Figure 10: Financial strength and provider service are the greatest influences on an advisor' s choice of provider
    • Figure 11: Over half of financial advisors believe that the asset management arms of life companies have improved over recent years
    • Figure 12: Standard Life, Skandia and Legal & General are perceived to have the best asset management arms
    • Figure 13: Jupiter, Invesco & New Star are mutual fund providers who are also highly rated as asset managers
    • Figure 14: Norwich Union, New Star & Standard Life are perceived to be the top three property fund managers
    • Figure 15: Invesco, Jupiter & Fidelity are the top rated equity fund managers
    • Figure 16: Fidelity, Jupiter & Invesco Perpetual are the three most highly rated international equity fund managers
    • Figure 17: Over three quarters of financial advisors believe that the size of management fees have some impact on their choice of life company
    • Figure 18: Over 70% of financial advisors believe that management fees have an affect on their choice of mutual fund provider
    • Figure 19: Half of those surveyed believed that the level of fee transparency is a particularly important consideration when choosing an investment product
    • Figure 20: Having a wide range of underlying investment funds is important in all product areas
    • Figure 21: Nearly two thirds of financial advisors find fund of fund investments relatively easy to explain to clients
    • Figure 22: More than half of financial advisors find manager of manager funds straightforward to explain to clients
    • Figure 23: Nearly half of financial advisors believe that higher charging structures on fund of fund investments are only occasionally justified
    • Figure 24: Just under a quarter of financial advisors believe that returns achieved through manager of manager investments are not worth the higher charging structures
    • Figure 25: More than 80% of financial advisors believe REITs funds have growth potential over the next 5 years
    • Figure 26: Nearly half of financial advisors believe that equity REITs hold the most potential out of all REIT products