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French Financial Advice Market

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IntroductionThe recession is causing investors to seek advice, and FS providers are focusing their attention on their advisory models.Scope*Structure of the French advisory market including distribution data.*HNW investors' views of, and use of, financial advice based on Datamonitor's proprietary survey.*French consumers' trust in banks and independent financial advisors based on results from Datamonitor's proprietary survey.*Regulatory environment for financial advice in France.HighlightsThe advisory intermediary channel in France is underdeveloped compared to the other large European markets. This is largely down to the historic talent of the incumbent banks for nurturing relationships with their customer base. The implementation of new European regulations should encourage a more developed and thriving French intermediary market.French HNWs have a lower-than-average appetite for risk, meaning a lower-than-average number would consider leaving their advisor to manage their money on their own. French HNWs are knowledgeable regarding financial products and they have a good understanding of the impact that current market conditions will have on their portfolio.French consumers have a strong relationship with their bank, which is manifested by respondents rating their level of trust in banks more highly than for financial advisors or brokers. In order to grow market share and retain customers, financial advisors need to understand the psyche of French consumers so that they can build up their trust level.Reasons to Purchase*Understand the structure of the French financial advice market, and the broader financial services distribution channels.*Gain an insight into what customers are demanding from their financial advisors, both now and in the future.*Find out what impact regulation has had on the financial advice market landscape in France.

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French Financial Advice Market

  1. 1. Find Industry reports, Company profilesReportLinker and Market Statistics >> Get this Report Now by email!French Financial Advice MarketPublished on October 2009 Report SummaryIntroductionThe recession is causing investors to seek advice, and FS providers are focusing their attention on their advisory models.Scope*Structure of the French advisory market including distribution data.*HNW investors views of, and use of, financial advice based on Datamonitors proprietary survey.*French consumers trust in banks and independent financial advisors based on results from Datamonitors proprietary survey.*Regulatory environment for financial advice in France.HighlightsThe advisory intermediary channel in France is underdeveloped compared to the other large European markets. This is largely downto the historic talent of the incumbent banks for nurturing relationships with their customer base. The implementation of new Europeanregulations should encourage a more developed and thriving French intermediary market.French HNWs have a lower-than-average appetite for risk, meaning a lower-than-average number would consider leaving theiradvisor to manage their money on their own. French HNWs are knowledgeable regarding financial products and they have a goodunderstanding of the impact that current market conditions will have on their portfolio.French consumers have a strong relationship with their bank, which is manifested by respondents rating their level of trust in banksmore highly than for financial advisors or brokers. In order to grow market share and retain customers, financial advisors need tounderstand the psyche of French consumers so that they can build up their trust level.Reasons to Purchase*Understand the structure of the French financial advice market, and the broader financial services distribution channels.*Gain an insight into what customers are demanding from their financial advisors, both now and in the future.*Find out what impact regulation has had on the financial advice market landscape in France.French Financial Advice Market Page 1/5
  2. 2. Find Industry reports, Company profilesReportLinker and Market Statistics Table of ContentOverview 1Catalyst 1Summary 1Executive Summary 2The French financial advice market is still dominated by the banking sector 2The regulatory structure in the French market remains fairly complicated 2French HNW consumers value a close relationship with their financial services providers 2Table of Contents 3Table of figures 4Table of tables 5Market Structure 6Frances financial intermediary market is dominated by the banks, and the movement towards seeking independent advice has beenlimited 6France has a small financial intermediary market, including 20,000 ancillary financial advisors 6Intermediaries account for a very small proportion of mutual fund distribution in France 7The multi-tied advisor model is the most popular type of intermediary in France 8Regulatory Developments 10The French financial services industry has seen some simplification in terms of the jurisdiction of the various industry bodies 10The CCLRF has an important consultative role in banking and finance regulation, but the AMF has the largest jurisdiction 11There have been minor changes since the Financial Security Act 12The creation of the AMF was undertaken to improve the efficiency of Frances financial regulatory system 12A new regulation was introduced in 2004, aimed specifically at financial advisors 12While CIFs are directly regulated by the AMF, conseils en gestion de patrimoine do not deal with one particular legislative body 13Enrolment in ORIAS is obligatory for all insurance intermediaries but it is not a regulatory body 14The European Commission has introduced a number of regulatory reforms affecting the financial advice distribution channel in Francein recent years 14The Financial Services Action Plan was rolled out in order to facilitate a cross-border market for financial services 14The Insurance Mediation Directive has had the most notable impact on the FSAP in insurance 14The Markets in Financial Instruments Directive is improving the relevance of advice 15As MiFID continues to seep through, the effect on the French financial advice channel will be profound 15MiFID may bring to an end the role of CGPs as it currently stands 16French intermediaries have a larger choice of trade association than any of their European peers 16Servicing Customers 18French HNWs are knowledgeable about financial products and they value the importance of a close relationship with their advisor 18French HNWs are financially savvy, unlikely to take risks and seek to build a relationship with their provider 18French HNWs principle demand is for investments to be simple and transparent 20HNW demands for the future revolve around a mixture of low- and moderate-risk investments 22Closed-ended property funds, mortgages and financial planning are expected to be most in demand among HNWs in two years time22Only around one in 10 French HNWs are looking for underpriced equities 23A focus on offering financial planning should increase share of wallet and proactive investment advice should retain customers 24Wealth managers should offer financial planning and leverage their customer relationship management resources 24Proactive investment suggestions are the best way to retain HNW clients 25Frances retail customers look for professional advice before making a financial decision and are less keen to shop around forfinancial products 26APPENDIX 32French Financial Advice Market Page 2/5
  3. 3. Find Industry reports, Company profilesReportLinker and Market StatisticsDefinitions 32IFA 32IMD 32MiFID 32Tied agents 32Methodology 32Further reading 33Ask the analyst 33Datamonitor consulting 33Disclaimer 34List of TablesTable 1: Number of members of different financial advice trade associations in France 17List of FiguresFigure 1: The French intermediary market is small, with only around 4,000 firms 7Figure 2: Banks are important players in the distribution of mutual funds and life & pension products 8Figure 3: Three quarters of advisors have some kind of tie with a large bank or insurance company 9Figure 4: The initial structure of French financial services supervision from August 2003 11Figure 5: French HNWs have a strong knowledge of financial products and understanding of how current market conditions will affecttheir portfolio 19Figure 6: HNW customers place much greater emphasis on the importance of personal relationships than average 20Figure 7: HNW customers demand simplicity a view on duration of the crisis and mortgage financing 21Figure 8: Closed-ended property funds are expected to be among the most demanded products in two years time 23Figure 9: French HNWs are not looking for underpriced equities 24Figure 10: French wealth managers see the provision of financial planning as the best technique for increasing share of wallet 25Figure 11: French wealth managers see proactive investment suggestions as the best method of retaining customers 26Figure 12: Around four in 10 respondents are likely to seek professional advice before making a financial decision 27Figure 13: French consumers have a greater level of trust in the information provided by their primary bank should they be looking forprofessional advice 28Figure 14: French consumers are slightly less likely than average to shop around for financial products than they were before thedownturn 29Figure 15: French respondents had slightly polarized views regarding the use of advice that they have to pay for up front 30Figure 16: French consumers have a higher level of trust in banks than financial advisors or brokers 31French Financial Advice Market Page 3/5
  4. 4. Find Industry reports, Company profilesReportLinker and Market Statistics Fax Order Form To place an order via fax simply print this form, fill in the information below and fax the completed form to: Europe, Middle East and Africa : + 33 4 37 37 15 56 Asia, Oceania and America : + 1 (805) 617 17 93 If you have any questions please visit http://www.reportlinker.com/notify/contact Order Information Please verify that the product information is correct and select the format(s) you require. French Financial Advice Market Product Formats Please select the product formats and the quantity you require. Digital Copy--USD 1 695.00 Quantity: _____ Contact Information Please enter all the information below in BLOCK CAPITALS Title: Mr Mrs Dr Miss Ms Prof First Name: _____________________________ Last Name: __________________________________ Email Address: __________________________________________________________________________ Job Title: __________________________________________________________________________ Organization: __________________________________________________________________________ Address: __________________________________________________________________________ City: __________________________________________________________________________ Postal / Zip Code: __________________________________________________________________________ Country: __________________________________________________________________________ Phone Number: __________________________________________________________________________ Fax Number: __________________________________________________________________________French Financial Advice Market Page 4/5
  5. 5. Find Industry reports, Company profilesReportLinker and Market Statistics Payment Information Please indicate the payment method, you would like to use by selecting the appropriate box. Payment by credit card Card Number: ______________________________________________ Expiry Date __________ / _________ CVV Number _____________________ Card Type (ex: Visa, Amex…) _________________________________ Payment by wire transfer Crédit Mutuel RIB : 10278 07314 00020257701 89 BIC : CMCIFR2A IBAN : FR76 1027 8073 1400 0202 5770 189 Payment by check UBIQUICK SAS 16 rue Grenette – 69002 LYON, FRANCE Customer signature:   Please note that by ordering from Reportlinker you are agreeing to our Terms and Conditions at http://www.reportlinker.com/index/terms Please fax this form to: Europe, Middle East and Africa : + 33 4 37 37 15 56 Asia, Oceania and America : + 1 (805) 617 17 93French Financial Advice Market Page 5/5

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