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Firms Support for CFP Marks and Financial Planning in the UK
Nick Cann ACIB,CFPChief Executive
IFP
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To Cover
• IFP• Market in the UK• Types of Large Firms• Questions Discussion and any
conclusions
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IFP Overview
• IFP established in 1986, is the professional body which represents and supports Financial Planners in the UK
• Staff of 15 based in Bristol • IFP Board – 10 Financial Planner practitioners elected –
strategic overview. Advisory Panel of 4. President Jane Wheeler
• IFP Branch Chairmen – 21 chairmen around UK – run branch meetings
• Work with Financial Services Authority (FSA) and other Professional and Trade Bodies
• Funded by Members Fees, Profits from events, Sponsorship by relevant organisations – 42 sponsors
• Affiliate member of international Financial Planning Standards Board (FPSB). Affiliated since 1995
• Nick Cann CEO since 1999
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IFP Organisation Chart 2008
Nick CannChief Executive
Sue WhitbreadCommunications
Director
Lucy CourtenayEducation Director
Amy WyrillPA - Chief Executive
Steve GazzardOperations Director
Chris HollandEducation Officer
Karis WhitfieldCFP Co-Coordinator
Sally PalmerMarketing Manager
Katherine MackayEvents Manager
Samantha WiltshireMarketing & Event Support administrator
Sophie HallCFP Co-ordinator
Paula ClarkOperations Manager
Cath DaviesBusiness Development Manager
Judith McDonaghCFP Administrator
Rachel WeihsMembership Co-ordinator
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Key statistics
• Membership up to 1950• Over 500 new members in 2007• Just under 800 CFP professionals (growth as per
meeting book)• Staff increased to 15• Business turnover increased by 50%• Record number of sponsors at 42• Improved website hits and response to other
targeted marketing activities• Marketing campaign just started using new FPSB
global marketing materials.
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Branch No of IFP members
London 347
Manchester 187
Birmingham 164
Leeds 132
Bristol 115
Scotland 113
Surrey 106
N.H.C. 89
Kent & Sussex
69
S. West 68
C. Southern England
67
Thames Valley
65
South Wales 53
East Anglia 49
Cotswolds 35
North East 35
N. Ireland 31
Essex 28
Bath 14
Jersey 14
E. Midlands 13
Key
0-50
50-100
100-150
150-200
200-250
250+
IFP member distribution by branches Jan 2008
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Branch No of CFP’s
London 146
Bristol 69
Manchester 66
Birmingham 58
Leeds 55
N.H.C. 45
Scotland 42
Surrey 41
Kent & Sussex
25
C. Southern England
24
S. West 23
East Anglia 23
Thames Valley
18
South Wales 16
North East 12
Cotswolds 10
N. Ireland 10
Bath 9
Essex 7
E. Midlands 4
Jersey 2
Key
0-30
30-60
60-90
90-120
120-150
150+
CFP distribution by branches Jan 2008
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Shape of the future market
50
35
15 Professional independent advisers who are client focussed. They will be operating a Financial Planning consultancy service – probably fee-based
Touching on both markets
Transactional based advisers from all sectors -Independent, multi-tied, tied including banks. Advice will be product focussed, mortgage,Protection, pensions – volume, market and salesdriven
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Potential Market After Retail Distribution Review
Financial Planner
GeneralAdviser
No Advice
Financial Guides
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Type of Large Firm to consider
• Sponsor
• National Advisory Firm
• Regional Advisory Firm
• Multi National Advisory Firm
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Sponsor
• Revenue raising• Awareness of global CFP activity• Understanding of quality distribution.
Given the development of “wrap” and open architecture
• Sister organisations – referral opportunities
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National Firms
• Potential for new CFP professionals and members
• Influencers in the community• Main employers• Sounding board (formal or informal)• In difficult times still with the capital to
invest in the future• Financial Planning?• Other issues
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Corporate CFP professionals and Members
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Multi National Firms
• Opportunity to cross sell the CFP certification (eg AMP, Merryl Lynch, Ameriprise)
• Global Network of influencers• Need to communicate to ensure that CFP
certification and Financial Planning is on their radar
• Need to prevent them siding with competing mark
• Need to ensure that FPSB Financial Planning strategies are able to be used by large companies.
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Future Financial Planning Businesses
• Boutique firms• Man from the Pru, AXA, Standard
Life, Co-op and others• Segmented division of
regional/national firms• Private client teams• Accountancy businesses
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Opportunities and Threats
• Help with significant growth
• Helps deliver national and global branding strategy
• Helps cement the position of the CFP mark
• Opposite of the other side
• Competing marks• Large firms do not
deliver Financial Planning
• Risk to brand values• Power of large
corporates
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Thank You