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Sources of Financial Advice - Ireland - December 2009

In response to increasing demand for data concerning the dynamic economy and growth markets of Northern Ireland and The Republic of Ireland, Mintel has developed a series of reports covering a wide variety of sectors within both of these dynamic regions. Each one provides detailed coverage of key drivers as well as providing the very latest volume and value data. Also included are assessments of emerging trends, the activities of existing market players, brand ownership details, supply structures, future scenarios and statistical forecasts.

The Irish Series is segmented in the same manner as Mintel's UK reports, namely Finance, Leisure, Market, Retail and 'Specials'. This provides unparalleled coverage and will be a must for all companies who are either already active in this region, or will be looking to enter these distinct marketplaces in the future.

This report has been produced as part of Mintel's Irish Series and is sold in Ireland exclusively through our sales agency, OCO Consulting, based in Belfast.

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Table of contents

  1. Issues in the Market

      • Key themes in the report
        • Definition
          • Abbreviations
          • Insights and Opportunities

            • Keeping the consumer up-to-date
              • A more proactive attitude
                • Taking the formality out of finance
                  • Testimonials to increase trust
                  • Market in Brief

                    • Surge in demand for debt advice fuelled by the recession
                      • Trust – a key barrier to consumers seeking advice
                        • Changes in market structure to benefit consumers
                          • Regulatory bodies aim to increase consumers’ financial capability
                            • Number of IFAs set to rise throughout recession
                              • In-branch most popular channel for financial advice
                              • Fast Forward Trends

                                  • Trend 1: The Lost Generation
                                    • What's it about?
                                      • What we've seen
                                        • Specifics
                                          • What next?
                                            • Trend 2: Starter Marriages?
                                              • What's it about?
                                                • What we've seen
                                                  • Specifics
                                                    • What next?
                                                    • Internal Market Environment

                                                      • Key points
                                                        • Major restructuring of UK financial advice market
                                                          • Widening the scope for advisers and consumers alike
                                                            • More changes imminent in UK market
                                                              • IFAs moving toward fee-based business
                                                                • More stringent regulation to benefit consumers
                                                                  • Modernising the RoI advice market
                                                                    • Debt management protocol welcomed during crisis
                                                                      • Steps taken to overhaul the RoI intermediary market
                                                                        • Consumer Protection Code continuing to guide advisers
                                                                          • Promoting consumer empowerment
                                                                            • Enabling consumers to better manage their finances
                                                                              • Launch of itsyourmoney.ie
                                                                                • Financial capability in the UK
                                                                                  • Launch of moneymadeclear.gov.uk
                                                                                  • Broader Market Environment

                                                                                    • Key points
                                                                                      • Recession forcing consumers to rethink their finances
                                                                                        • Figure 1: Economic outlook for NI and RoI, 2008-10
                                                                                      • Unemployment a key factor in consumer debt crisis
                                                                                        • Irish consumers struggling to cope
                                                                                          • An increased need for protection products
                                                                                            • Low interest rates stimulating interest in alternative wealth options
                                                                                              • Figure 2: Average annual UK and eurozone interest rates, January 2003-May 2009
                                                                                            • NI housing market showing some signs of recovery
                                                                                                • Figure 3: Monthly growth of average house prices in RoI, Jan 2006-July 2009
                                                                                              • Credit standards ease somewhat
                                                                                                • Consumer spending and confidence on the up
                                                                                                  • Figure 4: Consumer sentiment index, RoI, January 2003-September 2009
                                                                                                • Changes in population structure advantageous to advice market
                                                                                                  • Life expectancy on the rise
                                                                                                    • Figure 5: Life expectancy at birth, by gender, NI, 1991-2008
                                                                                                    • Figure 6: Life expectancy at birth, by gender, RoI, 1990-2007
                                                                                                  • An aging population means planning ahead
                                                                                                    • Figure 7: Percentage change in population projections, by age group, NI, 2008-58
                                                                                                    • Figure 8: Percentage change in population projections, by age group, RoI, 2006-41
                                                                                                • Barriers to Seeking Advice

                                                                                                  • Key points
                                                                                                    • The rise of the self-informed consumer
                                                                                                      • Figure 9: How respondents prefer to receive/gather information about their banking needs (either existing or new queries), RoI, June 2008
                                                                                                    • Online a popular channel for consumers to access information
                                                                                                      • Figure 10: Banking/personal finance activities conducted online, RoI and NI, September 2009
                                                                                                    • Some providers not convinced of consumers’ knowledge
                                                                                                      • A positive response to internet as key research tool
                                                                                                        • Credit crunch denting consumer’s faith in financial institutions
                                                                                                          • Adding insult to injury
                                                                                                            • Figure 11: Number of complaints received by Financial Services Ombudsman, by type of financial institution, RoI, 2006-08
                                                                                                            • Figure 12: Number of new cases received by the Financial Ombudsman Service, UK, 2006-09
                                                                                                          • Impact on the financial advice market
                                                                                                            • Taking matters into their own hands
                                                                                                            • Alternative Sources of Financial Advice

                                                                                                              • Key points
                                                                                                                • Plenty of other options for consumers
                                                                                                                  • Figure 13: Sources of financial advice and information
                                                                                                              • Strengths and Weaknesses

                                                                                                                • Strengths
                                                                                                                  • Weaknesses
                                                                                                                  • Market Size

                                                                                                                    • Key points
                                                                                                                      • Insurance firms driving intermediary numbers up
                                                                                                                        • Figure 14: Total number of regulated retail intermediaries, RoI, 2005-08
                                                                                                                      • Interest in mortgage advice accelerating during recession
                                                                                                                        • Different perspective in UK
                                                                                                                          • Figure 15: Number of directly authorised retail intermediaries, UK, January 2006-September 2009
                                                                                                                          • Figure 16: Number of directly authorised retail intermediaries, NI, September 2009
                                                                                                                      • Who’s Innovating?

                                                                                                                        • Key points
                                                                                                                          • Supporting customers in the economic downturn
                                                                                                                            • Enabling younger consumers to be financially prepared
                                                                                                                              • Partnership to encourage responsible spending
                                                                                                                                • Pensions made simple for consumers
                                                                                                                                  • Permanent TSB modernises its distribution networks
                                                                                                                                    • Organising home insurance at the click of a mouse
                                                                                                                                    • Companies and Products

                                                                                                                                      • Key points
                                                                                                                                        • Banks and building societies
                                                                                                                                          • Abbey National plc
                                                                                                                                            • Alliance & Leicester
                                                                                                                                              • Allied Irish Bank (AIB)
                                                                                                                                                • An Post Group
                                                                                                                                                  • Aviva
                                                                                                                                                    • Bank of Ireland Group (BoI)
                                                                                                                                                      • Halifax (Bank of Scotland Ireland Limited)
                                                                                                                                                        • Halifax (HBOS plc)
                                                                                                                                                          • HSBC Bank plc
                                                                                                                                                            • Irish Life & Permanent Group plc
                                                                                                                                                              • Nationwide
                                                                                                                                                                • National Irish Bank (NIB) and Northern Bank
                                                                                                                                                                  • Post Office
                                                                                                                                                                    • Ulster Bank Group
                                                                                                                                                                      • Brokers
                                                                                                                                                                        • Greenlight Mortgages
                                                                                                                                                                          • The Mortgage Shop
                                                                                                                                                                            • Independent Financial Advisers (IFAs)
                                                                                                                                                                              • Finance Matters NI Ltd
                                                                                                                                                                                • Investwise
                                                                                                                                                                                  • McCarthy & Associates Financial Consultants Ltd
                                                                                                                                                                                    • Websites
                                                                                                                                                                                      • Moneysupermarket.com
                                                                                                                                                                                        • Comparethemarket.com
                                                                                                                                                                                          • Confused.com
                                                                                                                                                                                          • The Consumer and Channels to Market

                                                                                                                                                                                            • Key points
                                                                                                                                                                                              • Internet banking accelerating in RoI
                                                                                                                                                                                                • Figure 17: Methods used to access banking services, NI, 2006-09
                                                                                                                                                                                                • Figure 18: Methods used to access banking services, RoI, 2006-09
                                                                                                                                                                                                • Figure 19: Broadband internet penetration, NI and RoI, 2004-09
                                                                                                                                                                                              • Branch banking wins hands down
                                                                                                                                                                                                • RoI consumers branch aficionados
                                                                                                                                                                                                    • Figure 20: Reasons for using branch, telephone and internet banking, NI, 2009
                                                                                                                                                                                                    • Figure 21: Reasons for using branch, telephone and internet banking, RoI, 2009
                                                                                                                                                                                                  • Rise in number of consumers seeking in-branch advice
                                                                                                                                                                                                    • Figure 22: Percentage of respondents who visit their branch for financial advice, NI and RoI, 2006-09
                                                                                                                                                                                                  • Major financial decisions requiring specialist knowledge
                                                                                                                                                                                                    • Figure 23: Percentage of respondents who arranged a death only life assurance policy through an insurance broker/independent financial adviser, NI and RoI, 2004-09
                                                                                                                                                                                                  • Familiarity a key factor in mortgage arrangement
                                                                                                                                                                                                    • Figure 24: How respondents arranged their mortgage, NI and RoI, 2009
                                                                                                                                                                                                  • Greater emphasis on accessing insurance policies directly
                                                                                                                                                                                                      • Figure 25: How respondents arranged travel insurance policy, RoI, 2004-09
                                                                                                                                                                                                      • Figure 26: How respondents arranged travel insurance policy, NI, 2004-09
                                                                                                                                                                                                      • Figure 27: How respondents arrange home insurance policy (buildings and contents insurance from the same insurer), RoI and NI, 2007-09
                                                                                                                                                                                                  • Receptiveness to Financial Advice

                                                                                                                                                                                                    • Key points
                                                                                                                                                                                                      • NI target groups
                                                                                                                                                                                                        • Figure 28: NI target groups, 2009
                                                                                                                                                                                                      • Fast-lane Financers
                                                                                                                                                                                                        • Responsibility Shirkers
                                                                                                                                                                                                          • Financially-receptive
                                                                                                                                                                                                            • Guidance Seekers
                                                                                                                                                                                                              • RoI target groups
                                                                                                                                                                                                                • Figure 29: RoI target groups, RoI, 2009
                                                                                                                                                                                                              • DIY Bankers
                                                                                                                                                                                                                • Prudential
                                                                                                                                                                                                                  • Breezy Bankers
                                                                                                                                                                                                                    • Tech-wary
                                                                                                                                                                                                                    • Appendix

                                                                                                                                                                                                                      • Internal Market Environment
                                                                                                                                                                                                                        • Stipulations for financial advisers resulting from the FSA’s A Review of Retail Distribution report
                                                                                                                                                                                                                          • Recommendations for intermediaries resulting from the Financial Regulator’s Review of the Intermediary Market report
                                                                                                                                                                                                                            • Aim of the Financial Regulator’s Improving Financial Capability policy
                                                                                                                                                                                                                              • Barriers to Seeking Advice
                                                                                                                                                                                                                                • Figure 30: Agreement with lasting impressions the experience of the recession has had on respondents, May 2009
                                                                                                                                                                                                                              • The Consumer and Channels to Market
                                                                                                                                                                                                                                • Figure 31: Methods used to access banking services, by demographic breakdown, NI, 2009
                                                                                                                                                                                                                                • Figure 32: How life assurance policy was arranged (death only policy), by demographic breakdown, NI, 2009
                                                                                                                                                                                                                                • Figure 33: How mortgage was arranged, by demographic breakdown, NI, 2009
                                                                                                                                                                                                                                • Figure 34: How car insurance was arranged, by demographic breakdown, NI, 2009
                                                                                                                                                                                                                                • Figure 35: How travel insurance policy was arranged, by demographic breakdown, NI, 2009
                                                                                                                                                                                                                                • Figure 36: How home insurance was arranged (buildings and contents from the same insurer, by demographic breakdown, NI, 2009
                                                                                                                                                                                                                                • Figure 37: Methods used to access banking services, by demographic breakdown, RoI, 2009
                                                                                                                                                                                                                                • Figure 38: How life assurance was arranged (death only policy), by demographic breakdown, RoI, 2009
                                                                                                                                                                                                                                • Figure 39: How mortgage was arranged, by demographic breakdown, RoI, 2009
                                                                                                                                                                                                                                • Figure 40: How car insurance was arranged, by demographic breakdown, RoI, 2009
                                                                                                                                                                                                                                • Figure 41: How holiday/travel insurance was arranged, by demographic breakdown, RoI, 2009
                                                                                                                                                                                                                                • Figure 42: How home insurance was arranged (building and contents insurance from the same provider), by demographic breakdown, RoI, 2009
                                                                                                                                                                                                                              • Consumer typologies
                                                                                                                                                                                                                                • Figure 43: Typologies’ agreement with statements relating to finance, NI, 2009
                                                                                                                                                                                                                                • Figure 44: Typologies’ agreement with methods used to access banking, reasons for using certain banking methods and hours of use of telephone and internet banking, NI, 2009
                                                                                                                                                                                                                                • Figure 45: Typologies, by demographic breakdown, NI, 2009
                                                                                                                                                                                                                                • Figure 46: Typologies’ agreement with statements relating to finance, RoI, 2009
                                                                                                                                                                                                                                • Figure 47: Typologies, by demographic breakdown, RoI, 2009
                                                                                                                                                                                                                                • Figure 48: Typologies’ agreement with methods used to access banking, reasons for using certain banking methods and hours of use of telephone and internet banking, RoI, 2009

                                                                                                                                                                                                                            Companies Covered

                                                                                                                                                                                                                            To learn more about the companies covered in this report please contact us.

                                                                                                                                                                                                                            Sources of Financial Advice - Ireland - December 2009

                                                                                                                                                                                                                            £1,095.00 (Excl.Tax)