24 Nov 2011

PRE-RETIREMENT SAVINGS REMAIN KEY FOR IFAs

PRE-RETIREMENT SAVINGS REMAIN KEY FOR IFAs

Latest data from MyTouchstone reveals that Pre-retirement Savings represent the largest proportion of business for IFAs across the UK - although strong regional variations are also identified

London, November 2011 - New analysis from the MyTouchstone database from Workload, an Equifax company, has revealed that Pre-retirement Savings continue to represent the greatest proportion of business for IFAs across the UK. MyTouchstone provides detailed insight into IFA new business patterns underpinned by the collective sales data of over 75 of the UK’s leading financial product providers. Its latest analysis also shows that in some areas of the country Pre-retirement Savings are playing a less important role, with Corporate Pensions taking the lead instead.

The data for Quarter 3 2011 has also revealed a slight increase in demand for both Corporate Pensions, Protection and ‘At Retirement’ products, compared to Quarter 2 this year.

“What the latest MyTouchstone data tells us is that the overall make-up of business for UK IFAs still falls very much in the Pre-Retirement Savings and Corporate Pensions product areas”, said Neil Cunningham, Director & General Manager, Workload, which operates MyTouchstone. “But the regional variations in the proportion of business written illustrates how IFAs around the country must adapt to local market needs and demand.”

In Quarter 3 2011, Pre-retirement Savings represented 34.24% of business written by IFAs throughout the UK - a slight drop from Quarter 2 when 38.62% of business was Pre-Retirement Savings.

In Bristol these products saw significantly more activity than the national average at 52.06%. Edinburgh and Glasgow IFAs also wrote more Pre-Retirement Savings business than the national average at 40.86% and 38.06% respectively. However, in Manchester Pre-retirement Savings only represented 21.63% of business written.

Corporate Pensions also play a crucial role in UK IFAs fortunes, representing 24.77% of business written across the country, although in Birmingham and Manchester this product played a greater part in the business mix than the UK average. IFAs operating in Manchester recorded the highest proportion of Corporate Pensions business, at 44.9%, followed by those in Birmingham at 31.9%. Bristol saw the smallest proportion - a little below the national average - at 19.95%.

IFA Business Mix - MyTouchstone Quarter 2/3 2011

  Pre-Retirement Savings Post-Retirement Savings Protection Corporate Pension Personal Pension At Retirement
  Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3
UK 38.62% 34.24% 14.21% 12.15% 8.82% 12.74% 21.67% 24.17% 12.73% 11.63% 3.95% 5.07%
Birmingham 30.18% 31.03% 15.05% 11.72% 7.26% 8.69% 28.84% 31.9% 14.88% 12.25% 3.78% 4.42%
Bristol 47.35% 52.06% 13.13% 11.95% 2.53% 3.17% 22.97% 19.95% 7.63% 5.89% 6.4% 6.98%
Edinburgh 45.5% 40.86% 13.14% 12.77% 5.71% 8.87% 20.86% 23.74% 12% 10.64% 2.79% 3.12%
Glasgow 39.37% 38.06% 14.23% 13.36% 9.16% 14.77% 23.86% 20.14% 10.71% 10.38% 2.67% 3.29%
Manchester 27.64% 21.83% 11.65% 9.83% 5.98% 8.58% 38.84% 44.9% 12.79% 9.75% 3.1% 5.1%

Ends

For further press information please contact: Wendy Harrison, Jenny Thorneywork or Clare Watson at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: clarew@harrisonsadler.com

About Workload

Workload, an Equifax company, is the UK’s leading provider of strategic IFA intelligence to financial product providers, delivering powerful benefits to its users. It operates a shared investment product data exchange with information provided by over 90 of the UK’s leading financial services companies.

It also operates the MyTouchstone database which is powered by the collective sales data of 76 major product providers and inputs from thousands of IFAs to help IFAs understand how they perform compared to the other IFAs in their post area and across the UK.

Capitalising on the experience and resources of the Equifax global organisation, Workload is now bringing even greater value to the wealth and investment marketplace. Equifax Inc acquired US wealth data specialist, IXI, at the end of 2009. The IXI Corporation has been directly-measuring consumer wealth in the U.S. for the past 15 years and the unique combination of Workload and IXI is set to bring an unparalleled understanding of consumer wealth and purchase behaviour to the UK for the first time.

About Equifax

Equifax is a global leader in consumer and commercial information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.

Headquartered in Atlanta, Equifax operates or has investments in 17 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.