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Richard Howells participará en Insurance World Distribution Challenges el 6 de Noviembre en Madrid
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COInsur. Speaking at the IWDC about “ISFAS Emerging distribution models post retail distribution review”, how do you see the distribution trend in UK?
RH. The UK is seeing the emergence of new distribution channels through aggregation websites and in addition a rise in direct to consumer investment propositions targeted at the confident investor.
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«El Reino Unido está viendo la aparición de nuevos canales de distribución a través de sites agregados y además un aumento de la oferta de directo».
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In addition, Advisors are starting to break into distinct groups. Those that wish to operate in boutique advisory businesses and those that wish to be a part of large scale distribution businesses. Both of these groups have distinct business models emerging with the boutiques focussing on delivering a deep advice and on-going service model with the distribution businesses looking to take share and revenue across the market value chain.
It is becoming clearer who the winners and losers could be and this is giving other market participants, such as fund management companies and product manufacturers, an action plan as to who they should focus on and how they should differentiate their propositions and support.
COInsur. How do you imagine the future of insurance distribution, where is it going, what are the strongest attributes to ISFAS and the weaknesses?
RH. Simple products and those products that can be comoditised are increasingly being sold through online execution models. However, as tax systems change, legislation is enacted and governments shift more risk from state provision to the individual making them more responsible for their own financial affairs, the need for more complex advice will inevitably rise. This kind of advice provides for an excellent opportunity for advisers to continue to grow. The weakness in the system is of course the level of regulation placed upon the adviser both in terms of regulatory cost and process. In the UK we have seen regulatory costs rise and also stifle innovation because of the fear of retrospective regulatory action being taken. Where this leads a market to is a demand that exceeds supply in terms of advice and sections of the public who cannot get access to the advice that they need in order to secure for themselves the best outcome.
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«Productos simples y aquellos productos que pueden ser comoditizados a través de canales online. Sin embargo, las exigencias de control y responsabilidad, crearán la necesidad de asesoramiento más complejo. Este tipo de asesoramiento es una una excelente oportunidad para que los asesores personales sigan creciendo»
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COInsur. Can you give us 3 reasons to recommend the attendance to conference “Insurance Distribution Challenges World 2014?
RH. 1) The UK is seen as a mature market with certainly one of the most robust regulatory frameworks in place. Having the opportunity to look into the future and see what markets could look like in the future will give attendees a unique opportunity to get ahead of the game.
2) There are some clear steps that UK Advisors are taking to build greater value in their businesses. Deciding whether to operate as part of a larger distribution group or strike out into a smaller boutique advisory business has various pros and cons. This conference will give some ideas as to how best to position Advisory businesses and will give those that work with Advisers an understanding of what support they can offer to help Advisers achieve their business objectives.
3) Consumers are changing their expectations of Financial Advisers post retail distribution review. Successful Advisers are segmenting their propositions and focussing how they get paid and what they get paid on the elements of the advice process that the consumers value the most. Attendees of the conference will get a clear view on how these successful advice processes are working giving them the opportunity to reflect on how their own advice charging and process could be improved.
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