C O N S E N S U S working with financial services clients

1
C O N S E N S U Sworking with financial services
clients
IFA Promotion IFA Research 2006/20076th August
2007 (ref 5204)By Georgina Clarke
Consensus Research International 61 Southwark
Street London SE1 0HL Tel[phone]
Fax[phone] email mail_at_consensus-rese
arch.com www.consensus-research.com
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Agenda

• Background and Methodology
• Sample Structure
• Use of Find an IFA Service
• Media Services, Press Clubs and Update

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Background and Methodology

• In 2001 IFA Promotion commissioned Consensus
  Research to carry out a basic benchmark
  quantitative study involving 100 structured
  telephone interviews
• From 2002 to 2005 a similar study was carried out
  by IFA Promotion using a postal methodology,
  which has been repeated again in 2007
• Up until 2005 the survey took place around
  November with reporting in December
• Timings changed for this wave of research - it
  took place in the April/May instead due to a
  change in IFAPs financial year and the
  subsequent reporting that goes along with it
• The questionnaire was mailed to all IFAP members
• This presentation compares results from all five
  postal surveys, which achieved the following
  responses
• 2002 2140
• 2003 1765
• 2004 1422
• 2005 1557
• 2007 1802

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Sample Structure
5
Sample Structure (1)
Geographic Distribution Age of Company
Base All IFAs (1802)
6
Sample Structure (2)
IFA Experience Time
with IFA Promotion
Base All IFAs (1802)
7
Sample Structure (3)
IFA Organisation
Base All IFAs (1802)
8
Use of Find an IFA Service
9
More than half of IFAs received 1-5 enquiries
over the past year
Q13 How many enquiries do think you have
received in the last year via the Find an IFA
search on unbiased.co.uk and the freephone Find
an IFA hotline?
MEAN 5.2

• IFAs based in London/ South East receive the most
  referrals with a mean score of 6.66

Prior to 2007, bands were 1-2, 3-5, 6-8, 9-11, 12
Base All IFAs (1802)
10
Average number of enquiries received in the last
year via IFA Promotion Find and IFA hotline and
website continues to increase
Q13 How many enquiries do think you have
received in the last year via the Find an IFA
search on unbiased.co.uk and the freephone Find
an IFA hotline?
MEAN 5.2
MEAN 4
MEAN 4
MEAN 3.7
MEAN 3.7
Prior to 2007, bands were 1-2, 3-5, 6-8, 9-11, 12
Base All IFAs (1802)
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Majority of enquiries continue to be from
consumers
Q14a/15a How many of these enquiries were from
businesses / consumers?

• 78 of consumer referrals resulted in actual
  business

NB Slight question wording change 2005 2007
Base All who received any Find and IFA
enquires in the last year (1388)
12
Consumer enquiries are more likely to generate
actual business for IFAs than business enquiries
Q14b/15b How many enquiries resulted in you
writing new business?
New business from consumers
New business from businesses
Base All who received any Find and IFA
consumer enquires in the last year (1230)
Base All who received any Find and IFA
business enquires in the last year (110)
NB Slight question wording change 2005 2007
13
The commission value of each IFAP lead generated
generally varies anywhere between 0 to 1,999
Q24 On average, what is the commission value of
each IFAP generated lead? NEW QUESTION
MEAN 668

• IFAs new to IFAP generate the most commission
  with a mean commission of 958
• IFAs in Scotland/Northern Ireland generate the
  least commission with a mean commission of 467

Base All IFAs (1802)
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Average number of leads and commission value per
lead by National / Network members....(1)
Q13 How many enquiries do think you have
received in the last year? Q24 On average, what
is the commission value of each IFAP generated
lead?
Based on all answering both questions. Caution
where base sizes are small reliable
base size
Base All IFAs (1802)
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Average number of leads and commission value per
lead by National / Network members....(2)
Q13 How many enquiries do think you have
received in the last year? Q24 On average, what
is the commission value of each IFAP generated
lead?
Based on all answering both questions. Caution
where base sizes are small reliable
base size
Base All IFAs (1802)
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Two thirds of IFAs now have a website and the
majority have email
Q16 Has your company got email / a website

• National IFAs are most likely to have websites,
  Networks Members are least the same pattern as
  2005

NB Back data amended now just based on those
answering
Base All IFAs answering (1733)
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Over a quarter of IFAs have an annual promotional
budget which is over 2,000
Q17 What is your annual promotional budget?

• Independent multiples continue to have the
  largest promotional budgets

NB Back data amended now just based on those
answering
Base All IFAs answering (1639)
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Over a third of IFAs now subscribe to IFAPs
Online Marketing Package and two thirds of those
subscribers believe that it is value for money.
Q18 Do you subscribe to IFAPs Online Marketing
Package (OMP)?
Base All IFAs answering (1706)

• IFAs new to IFAP and IFAs in new companies are
  more likely to subscribe to the OMP
• Among subscribers, 14 received 1 additional lead
  per month, 11 have received 2-3 leads and 6
  have more than 3 leads (Q20)

Q19 At 250 for a years subscription, do you
think IFAPs online marketing package is value
for money?
NB Question wording change 2007 added price

NB Back data
amended now just based on those answering
Base All IFAs who subscribe to OMP (543)
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A wide range of reasons for not currently
subscribing to IFAPs OMP
Q21 If you have not yet subscribed to IFAPs
online marketing package, why not?

• Main reason for cancelling OMP subscription was
  poor performance (Base 27 out of 34 IFAs
  answering why they cancelled OMP)

Base All IFAs who have not subscribed to OMP
(1115)
20
Consumer leads perceived to be of a better
quality than business leads
Q23 In general which of these phrases best
describes your opinion of the quality of the
enquiries you receive, in respect of generating
new business?
NB In 2005 order of question moved so more IFAs
answering - not just those who have actually
received leads NB Back data amended now just
based on those answering
Base All IFAs answering Business (348) Consumer
(1362)
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IFAs believe client referrals / word of mouth is
the main source of their new business generation,
followed by IFAP via the website
Q25a/b Which of these sources would you say is
responsible for generating most of your new
business (Split into 2 questions in 2007)
Most new business (Single code)
Other sources of new business (Multi-code)
Total IFAP sources 10
Total IFAP sources 31
Other sources are 1 or less
Other sources are 2 or less
Total IFAP sources I FAP via website, Find an
IFA searches, IFAP via hotline, Natural links on
internet search engines, Sponsored links on
internet search engines, Online PR editorial
Base All IFAs (1802)
Added in 2007
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IFAs continue to believe client referrals / word
of mouth is the main source of their new business
generation
Q25 Which of these sources would you say is
responsible for generating most of your new
business (TOTAL MENTIONS) (1)
Total IFAP sources 37
Split into 2 questions in 2007 - 1st question now
single code. IFAs now forced to give multiple
answers, causing increases
Total IFAP sources I FAP via website, Find an
IFA searches, IFAP via hotline, Natural links on
internet search engines, Sponsored links on
internet search engines, Online PR editorial
Base All IFAs (1802)
Added in 2007
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IFAs continue to believe client referrals / word
of mouth is the main source of their new business
generation
Q25 Which of these sources would you say is
responsible for generating most of your new
business (TOTAL MENTIONS) (2)
Added in 2007
Split into 2 questions in 2007 - 1st question now
single code. IFAs now forced to give multiple
answers, causing increases
Base All IFAs (1802)
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Media Services, Press Clubs Update
25
Overall awareness of Media Services Directory and
Hotline has remained relatively static this year.
Independent Singles and IFAs in Scotland/
Northern Ireland are more likely to be aware.
Q30 IFAP operates online and published versions
of its Media Services Directory and Media
Services Hotline (formerly known as press
services). Have you heard of these?
NB Back data amended now just based on those
answering
Base All IFAs answering (1751)
26
Proportion of IFAs that like the principle of
Media Services Directory and Hotline has declined
slightly since the last survey
Q31 The Media Services Directory and Hotline are
services offered to journalists. Which of these
statements best describes how you feel about this
service?
NB Back data amended now just based on those
answering
Base All IFAs answering (1262)
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Just under a third say they would be interested
in giving comment to the media, Independent IFAs
and those new to IFAP are most willing to comment
Q32 Would you personally be interested in giving
comment to the media and providing them with case
studies?
NB Back data amended now just based on those
answering
Base All IFAs answering (1722)
28
Just under half of IFAs find IFAPs TaxAction
email useful, which is a slight decline from
previous waves more say neither useful nor
otherwise
Q33 As many of you will know, around March, IFAP
sends out an email to all its members prior to
launching the annual TaxAction campaign. The
email outlines the campaign for the year ahead
and gives topline stats on the research reports.
Would you say you find the information? QUESTION
WORDING CHANGED
NB Back data amended now just based on those
answering
Base All IFAs answering (1672)
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Similarly the proportion of IFAs that find IFAPs
Get Saving! Email continues to decline slightly
more say neither useful nor otherwise
Q34 A similar marketing email was sent out in
March also via email to support our Get Saving!
Campaign. Would you say you find this
information?
NB Back data amended now just based on those
answering
Question wording change 2005 , previously a
similar pack
Base All IFAs answering (1636)
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Awareness of IFAP Press Club and interest in
taking part has declined this year
Q35 There is a service, similar to the IFAP
Media Services Directory, but operated on a local
basis... This is called the IFAP Press Club. Have
you heard of this?

• IFAs in new companies and IFAs new to IFAP are
  most interested in joining the press club

Base All IFAs answering (1733)
Q36 Would you be interested in being part of
your regional Press Club?
NB Back data amended now just based on those
answering
Base All IFAs answering (1709)
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Just over half of IFAs say they get Update. The
majority find it useful - 1 in 10 find say its
very useful
Q37 Do you get Update, IFA Promotions
bi-monthly newsletter by email, or do you view
the newsletters online at unbiased.co.uk/advisers?

NB Data shift due to change in question wording
focus now on email / online
Base All IFAs answering (1708)
Q38 If yes, do you find it useful?
NB Back data amended now just based on those
answering
Base All IFAs receiving Update in their office
(949)
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C O N S E N S U Sworking with financial services
clients
Consensus Research International 61 Southwark
Street London SE1 0HL Tel[phone]
Fax[phone] email mail_at_consensus-rese
arch.com www.consensus-research.com