Firms Support for CFP Marks and Financial Planning in the UK

Nick Cann ACIB,CFPChief Executive

IFP

To Cover

• IFP• Market in the UK• Types of Large Firms• Questions Discussion and any

conclusions

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

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

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.

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

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

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

Potential Market After Retail Distribution Review

Financial Planner

GeneralAdviser

No Advice

Financial Guides

Type of Large Firm to consider

• Sponsor

• National Advisory Firm

• Regional Advisory Firm

• Multi National Advisory Firm

Sponsor

• Revenue raising• Awareness of global CFP activity• Understanding of quality distribution.

Given the development of “wrap” and open architecture

• Sister organisations – referral opportunities

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

Corporate CFP professionals and Members

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.

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

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

Thank You