UK IFAs, Investment Managers & Platforms 2017: To Understand the Priorities and Criteria Advisors

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Summary
Independent financial advisors (IFAs) are a key distribution network for investors in the UK. Product providers will do well to understand the priorities and criteria advisors use in selecting their investment partners and platforms, particularly with a growing tendency to cooperate with discretionary fund managers (DFMs). As nearly all advisors in the UK use a platform (or multiple) to manage their clients assets, understanding why certain platforms are favored above others remains crucial. Online access to platforms is important for IFAs, which will continue to leverage digital capabilities to remain relevant.

Key Findings
- UK fund platforms continue to grow their market share by providing both advisors and direct investors with access to a range of products. In 2015 these platforms accounted for 52% of industry gross retail sales.
- The attractiveness of products is driven by cost along with the quality of administrative and reporting functions. Beyond these two features, the investment fund range is also important to advisors.
- Investment product providers are regularly assessed by IFAs, with 47.3% carrying out reviews more than once a year.

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- 91% of advisors use platforms, with the majority relying on more than one. The three most widely used platforms are Old Mutual, Fidelity Funds Network, and Aviva.
- There is increasing interest in the use of model portfolios and discretionary portfolio management, driven by clients preference for a better investment range and less administration.
- Cost is the main driver for switching platforms, highlighting the increasingly commoditized nature of the service.

Synopsis
GlobalDatas UK IFAs, Investment Managers & Platforms 2017 is a comprehensive analysis of the features and preferences of UK investors and IFA clients. Drawing from our proprietary IFA Survey, the report offers insight into platform characteristics, what drives IFAs when selecting platform providers, and demand for DFMs.

Specifically the report:
- Examines the role IFAs have in providing financial services.
- Details market developments and the evolving landscape of the UK market.
- Analyzes the most important features IFAs consider when selecting platforms.
- Identifies the companies that offer the most attractive platform packages.
- Examines the criteria for selection of pension fund providers.

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Table of Contents

EXECUTIVE SUMMARY
Key findings
Critical success factors
IFAS ARE A KEY DISTRIBUTION CHANNEL
Retail fund distribution increasingly occurs through platforms
Platforms represent a noticeable channel for retail fund sales
Platform consolidation in the UK will be a noticeable trend going forward
PLATFORMS REMAIN THE DOMINANT CHANNEL FOR ADVISORS
Low cost and administrative functions are IFAs' top considerations
Online interactions are important, with mobile connectivity less of a concern
The majority of IFAs rely on multiple platforms, especially those with larger businesses
Bigger firms are more able to absorb the costs that come with using multiple platforms
With the ability to achieve economies of scale, larger businesses split their client assets over multiple platforms
The majority of IFAs rely on multiple platforms
Fund supermarkets are rated as the most attractive platform packages
PRODUCT PROVIDERS ARE REGULARLY REVIEWED
Product providers should offer a consistently appealing service as they undergo regular scrutiny from IFAs
Cost sensitivity is the major factor that prompts IFAs to review their platforms
Low fees and administration functions are also significant for selection of pension fund providers
IFAS ARE INCEASINGLY INTERESTED IN USING DFMS
Advisors are focused on moving away from traditional fund selection
Over a third of advisors are using DFMs for client investments
AUM under third-party managers are on the rise, with ample room for growth
DFMs should ensure their products are competitive

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