去極化對英國資產管理市場的影響

Scope and coverage of the brief

• Outlines clearly the FSA's proposals for the depolarization of the advice market
• Analyzes the impact of depolarization on private client advisors, wealth managers and product manufacturers
• Highlights opportunities and threats, giving clients a comprehensive view of exactly what they need to do to prepare for depolarization

Brief highlights

• Clarity will be essential for consumers who have been put off buying some savings products following mis-selling scandals and fears that advice has not been as honest and independent as they had previously believed.
• Along with the changes that depolarization brings, opportunities will open up for private client advisors and wealth managers. Threats to client bases and business models will also materialize that until now - were of no concern for players in the wealth market.
• Some private client advisors get a significant amount of business through professional connections and will need to retain an independent arm. If they do not they will cease to get referrals from professional bodies such as lawyers and accountants.

Reasons to purchase

• For strategic managers - find out what the threats and opportunities will be for your future business model
• For product manufacturers - find out what you need to do to ensure that your products remain successful post-polarization
• For advisors - find out how depolarization will affect you and what you can do to prepare in the meantime

Table of Contents

INTRODUCTION

What is this report about?

POLARIZATION VS DEPOLARIZATION

What is polarization?

What is depolarization?

Aims of depolarization

Creation of a more liberal landscape

An end to commission bias - the menu

Clarification of independence

Disappearance of the 'better than best' rule

Other changes

The scope of depolarization

Products

Single premium products

Regular premium products

Collective Investments - single and regular collective investments

Advisors

IMPLICATIONS

Holding out

Greater choice

Branching out

Economic analysis

Fees vs commissions

Hidden fees

Commission under pressure

Products

The appeal of packaged products

Mass-market appeal

Distribution

Advisors for sale

Preferred panel

SELECTED CASE STUDIES

Halifax Bank of Scotland (HBOS)

Staying tied

UBS

On the acquisition trail

AEGON

Keeping manufacture and distribution at arm's length

DATA

APPENDIX

Research methodology

Further reading

Datamonitor Global Wealth Service: Reports

Datamonitor Global Wealth Service: Insight Reports

Datamonitor Global Wealth Service: Competitor Tracking

Related Savings & Investments SPP Reports

Datamonitor Financial Services Consulting

SPP writing team

List of Tables

Table 1: Single premium products covered by depolarization, 2004

Table 2: Regular premium products covered by depolarization, 2004

Table 3: Collective investment products covered by depolarization proposals, 2004

Table 4: Number of active financial advisors - individuals - in the UK, January 2002

Table 5: New single premium business subject to depolarization broken down by distribution channel, 2003

Table 6: New regular premium business subject to depolarization broken down by distribution channel, 2003

Table 7: Gross sales of UK unit trusts/ OEICs, 2003

List of Figures

Figure 1: Single premium products lend themselves to distribution by the intermediary channel

Figure 2: IFAs dominate the distribution of the regular premium products included in the depolarization proposals, 2003

Figure 3: Intermediaries dominate the distribution of unit trusts and OEICs, 2003

Figure 4: AEGON is a manufacturer and distributor of life, pensions and investments