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Independent Financial Advisers -- Why They Remain the Strongest Distribution Route for Pensions

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  • Orla Gough

Abstract

Despite financial services companies operating in multiple channels, the Independent Financial Advisers (IFAs) channel remains the most popular distribution route when it comes to pension sales. To understand how they compete and the nature of the strategic groups within this channel, this paper examines how IFAs perceive they add value to the decision making of consumers when purchasing pension products. The paper identifies four strategic groups of the IFA population (operating within the pensions market) based on the benefits they perceive they can add to their service to assist consumer decision making. Using cluster analysis within SPSS from a survey of 468 IFAs, four main groups emerge; these can be classified in terms of (1) analytical skills, (2) value for money, (3) reputation and (4) personalised service.

Suggested Citation

  • Orla Gough, 2005. "Independent Financial Advisers -- Why They Remain the Strongest Distribution Route for Pensions," The Service Industries Journal, Taylor & Francis Journals, vol. 25(5), pages 709-720, July.
    • Handle: RePEc:taf:servic:v:25:y:2005:i:5:p:709-720
    DOI: 10.1080/02642060500101120
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    Cited by:

    1. Jesse Arman & Joshua Shackman, 2010. "The impact of financial planning designations on financial planner income," The Service Industries Journal, Taylor & Francis Journals, vol. 32(8), pages 1393-1409, November.
    2. Sahay, Arvind, 2013. "A Customer Oriented Approach To Identifying Competitive Advantage," IIMA Working Papers WP2013-05-08, Indian Institute of Management Ahmedabad, Research and Publication Department.
    3. Nathalia C. Tjandra & John Ensor & Maktoba Omar & John R. Thomson, 2020. "Independent financial adviser (IFA)-based brand equity pyramid," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 25(3), pages 53-64, December.

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