oecd presentation, consumer empowerment, 9 juli 2009

Empowerment of the Consumer

Presentation for OECDParis, 9 july 2009

Rob GroenemeijerChairman NBVAChairman Federation FIDIN

NBVAorganisation of independent financial

advisors and insurance brokers

- Founded in 1909- 880 members - 6100 employees- 3 million customers - 3.5 billion premium income

CentiQan initiative of the

Ministry of Finance in The Netherlands

Mission CentiQ CentiQ partners share the ambition to enhance better insight in financial matters for consumers in order to consciously take financial decisions

NBVA is a partner of CentiQ

Financial MarketsConsumer • Low interest

• Little knowledge• No time

Products• High complexity

• Massive documentation• Many product

substitutes

The empowered consumer will beNo specialist

BUTBetter motivated

Self consciousAsking the right questions

The environment for financial advice has changed forever

The EU (MIFID) sets the standard for the financial markets • Quality of advice • Client in the driving seat• Financial advisors act to

the benefit of the customer

NBVA marketing activities will focus on the interests of the consumer• Integrity• Transparency • Protection & Awareness

The Future of Finance : Service will be the Key Succes Factor

ConsumerFinancialAdvisor

Insurance companies Banks

Integrity, quality, transparency

Platforms for access to products and services

NBVA’s new approach of customer information

go to www.nbva.nl/nbvatv andmeet FRANK (= the consumer)

www.nbva.nl/nbvatv

• Pension• Pensiongap• Mortgage• Remortgaging• Investing• Life cycle

• Car Insurance• Travel insurance• Home-owner • Household

One-minute customer oriented movies

http://www.nbva.nl/nbvatv-kijken/pensioenopbouw

• First pillar state provision will continue to be funded on a pay-as-you-go basis

• Second pillar depends on employment, might include pension gaps

• Use the Private Pension 3rd Pillar to save on taxes and secure your financial future

Pension Build-upFrank, take care of your financial future,

take care of the third pillar

Step 1 • create awareness : movies

Step 2• empower : useful

information on the subject of the movies on nbva.nl

Step 3• advise : choose the nbva

independent advisor in your neighbourhood on nbva.nl

Educating Frank

http://www.nbva.nl/nbvatv-kijken/oversluiten

• Bear in mind that remortgaging is not a cost-free process though. Your current mortgage may carry penalties or charges if you try to leave it early, plus there will probably be costs associated with the new deal, so factor all of this into your decision.

RemortgagingFrank, be careful,

Costs might pile up…..

http://www.nbva.nl/nbvatv-kijken/beleggen

Frank, are you an Offensive, Neutral or Defensive Investor

InvestingFrank, know yourself as part of your

investment plan

Investments so far• 10 youtube movies• 1 flagship site : nbva.nl• 900 member sites• Online campaign (100.000+ clicks)• TV campaign (200+ GRP)• Budget : EUR 300.000

• 10 new movies in production

Thank you for your attention

www.nbva.nl/nbvatv