IFAs working in the life and pensions markets are facing increased competition from bancassurance an...
IFAs working in the life and pensions markets are facing increased competition from bancassurance and multi-tie advisers, a report from market analyst Datamonitor has showed.
The report predicted that the IFA channel is to continue its domination of the financial advice market over the next five years, but warned new competition was becoming an increasing threat.
According to Datamonitor, bancassurers have recently overtaken IFAs in terms of regular premium life sales, while multi-tie advisers are also predicted to achieve a higher market share within regular premium life sales than IFAs by 2009.
Lauren McAughtry, financial services analyst at Datamonitor and author of the report, said that IFAs needed to establish their key business proposition and market it effectively to clients.
