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27 September 2012
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CWC Research provides research data, advice and consultancy to insurance and life and pensions companies, wrap platforms and fund supermarkets, fund managers, re-insurers as well as other consultants operating in intermediary markets. We are a specialised research based consultancy set up in 1999 by Clive and Monica Waller, operating exclusively in the intermediary sectors of the financial services industry, covering all forms of investment, pensions and protection.
Our knowledge of IFAs and other adviser firms and their personnel is second to none. It enables us to provide customers with qualitative data of unrivalled excellence on current and likely future behaviours. Our reports and advice help providers, re-insurers and distributors formulate strategy on product, distribution and administration.
In addition, we are able to provide consultancy on a broad range of issues such as IFA segmentation, commission structures, investment propositions and underwriting strategy.
Our reports help providers, re-insurers and distributors formulate strategy on product, distribution and administration.
We are commonly regarded as the leading research consultancy on issues around wrap and other intermediary platforms and are currently advising a number of platform providers in this new and exciting arena. We have written and published the only adviser guide to intermediary platforms currently available.
We are also joint founders of the Income Protection Task Force, a forum combining insurers, re-insurers and IFAs, to further the cause of this most important of protection products.
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The King's New Clothes - a new landscape for retail investment
In our latest study of the retail investment market, entitled The King’s New Clothes, sponsored by Aberdeen Asset Management, we forecast a very different landscape. The impact on the delivery of financial advice is, to a large degree, expected. Advisers will be more professional, will employ universal propositions across their businesses and will, typically, be larger, after substantial merger and acquisition activity.
Less anticipated is the change on the supply side. We expect to see enormous pressure on providers of all products and services - asset managers, life companies, investment platforms and all the planning tool manufacturers and third party support providers. What has been a cottage industry will metamorphose into an efficient business sector with professional advisers and commercial distributors. The impact on providers has been underestimated.
To read more click here
For full details of the study click here
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National firms and advisers clash over the future of financial advice
Advisers have different aspirations for the future compared to the businesses they represent, according to our study.
Conducted ahead of the implementation of the Retail Distribution Review (RDR) next year, the study reveals that nine out of ten (88%) financial advisers intend to retain their independent IFA status post RDR. However, the same loyalty to the independent model is not being shared by large firms and networks. 70% of nationals and networks intend to offer restricted advice propositions, and furthermore 75% of major national IFA firms and networks say that their members will become restricted advisers.
Clive Waller, head of CWC Research, said:
“What’s emerging is a dual track for the destiny of financial advisers. Advisers’ plans for the future are clearly not compatible with what their bosses have in mind. On talking to business owners the momentum is shifting towards a restricted model of financial advice, with lower costs and less risk, whilst advisers are still nailing their independent colours to the mast. Something will have to give."
To read more click here
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The Investment Network
The Investment Network is a forum for senior managers from all parts of the investment industry to meet, listen to top rate speakers, debate and discuss key issues under Chatham House rules. Meetings are held in country house hotels four times a year.
For more information visit the website.
Brave New World
The RDR promises much change. There is a good deal of debate in the trade media on the same old subjects – qualifications, fee models and propositions. Of course, these are important issues, but there has been very little thought about how the retail investment landscape will look following the disruption and change that will be caused by RDR. The inevitable loss of distribution capacity plus changes in business models and propositions at adviser firms in addition to the impact of merger and acquisition activity will leave little of what we see today untouched.
One of the most exciting and challenging aspects of our research was our attempt find some of the answers. We modelled adviser income following RDR as well as funds flow to providers. In addition to the impact of the move to fees, there will be many other drivers, the drift to passive, to DFM, to model portfolios, the impact of merger/aggregation, choice of platform and so on.
To read more click here
Income Protection Task Force
For further information click here
Platforum Platform Analysis Tool (PAT) 
Pat is the latest member of The Platforum team. Their Platform Analysis Tool will provide IFAs and distributors with a quick, easy-to-use summary of the major fund platforms available in the UK.
Go to Platforum to visit Pat's page.
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