With the RDR coming into force at the end of this year, the distribution model of the long-term savings industry is undergoing a radical transformation. Newcomers are entering the market whilst the adviser market is shrinking. Product providers are shifting their focus from IFAs and are looking to market directly to consumers.
At Marketforce's recent conference, The Future of Life and Long-term Savings, Ian Ackerley, Director of Investments at Barclays spoke on D2C. He observed that with the growth of technology, changing customer behaviour and the effect of the RDR, the direct to consumer proposition is set to grow drastically over the next few years and explained how Barclays was taking advantage of this opportunity.
To view his presentation for free, simply click here.
Nevertheless a number of questions remain unanswered. For example what will the adviser market look like post-RDR?; how will the adviser/provider dynamic change?; how must each distribution channel adapt to reach different client segments?; what is the future for bancassurance?; how can providers influence financial advisers without commission?; what role will online play in the marketing of products?; how important will mobile and social media be in the engagement of customers?; how can analytics be used to personalise distribution?
Changing distribution models, particularly the growth of D2C will be covered in Marketforce and the IEA's forthcoming The Future of Distribution in Financial Services conference, taking place on 4th and 5th December. Key areas for discussion include online and mobile engagement, the power of ‘Big Data', providing non-advised sales online, growth of the online aggregator, focusing on HNWIs vs. the mass market, grasping the opportunities in workplace marketing and the future for platforms: the rebate debate.
For the first time, the conference will also be followed by Better Customer Relationships Workshop on the 6th December. As a result of pressures from the RDR and current economic conditions, financial services firms need to focus more attention on customer relationships and relationship capital. This optional workshop will provide attendees with tools they require to align their business with client needs and will cover behavioural economics, touch point strategies, effective use of social media, price setting strategies and customer value propositions.
Speakers at the conference include:
- Peter Mann, Chief Executive, Skandia
- Paul McNamara, Managing Director, Insurance and Investments, Barclays
- Tony Stenning, Managing Director and Head of UK Retail, BlackRock
- Kevin O'Shaughnessy, Group Digital Director, Standard Life
- Mary-Anne McIntyre, Chief Executive, Openwork
- Virginia Barnes, Global Head of Brand, Aviva
- Carole Avis, Finance & Product Director, Workplace Savings, Legal & General
- Nick Bamford, Executive Director, Informed Choice
- Gillian Cardy, Managing Director & Founder, IFA Centre
Marketforce is offering IFAs the opportunity to attend the two day conference for a heavily discounted rate of £300 + VAT. To register, simply use the code SZI08IFA**. Product providers and other distributors are also welcome to register at the full rate.
**This discount code is available to registered IFAs only. All registrations are subject to the approval of the conference organizer.
Ramifications for advice firms
Calling for new advisers to join
Falls to 2.4%
Spent three years in the role
One of many options being 'kicked around'