wealth management report 2010

8/4/2019 Wealth Management Report 2010

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Wealth Management Study CoreData bm

Wealth Management Report

A study of financial planner attitudes towards the product andservices of Australian wealth management companies




Background

This piece of research is part of a stable of financial services syndicated studies conducted by

CoreData-brandmanagement.

The group provides syndicated research for the financial planning, platform, risk, investment

management, mortgage and print media industries from a B2B distribution channel perspective.

In addition CoreData-brandmanagement also provide consumer syndicated research in the

retail banking, financial planning, private banking, business banking and mortgage sectors.

All of these studies allow businesses to better understand how their operations are performing

from both a relative perspective and an industry comparison benchmarking point of view.

Wealth ManagementThis project is focused purely on financial planner attitudes towards the product and services of

Australian wealth management companies.

There are 13 core wealth management groups covered in the study (see methodology).

Groups are assessed by a collective of around 650 respondents across a range of metrics –

these were:

Online

New Business

Administration

Eduction and Support

Production Offer

Business Development and Support

Communication

IT

Funds Management

Call Centre

Image and Reputation

Satisfaction

CoreData-brandmanagement conducts confirmative factor analysis to ensure its B2B

benchmark criteria models remain valid and reliable from a research point of view.

Beyond the core indices – (Risk) VESPA, (Licensee) ATRACS, (Wealth) ALPHA and (Platform)

FSR2

and (financial services print publications) MEDIA – in some instances the group conducts

pre-research focus groups with representatives of would-be respondents.




For each study the group does liaise directly with senior industry participants and professionals

to identify any new and emerging issues and trends that are impacting that sector of the market

– be it advisers, mortgage brokers or journalists.

This facilitates new understanding and allows each annual study to be framed to include

potential enhancements or amendments service providers should be considering when

assessing their relative and absolute performance.

Methodology

The CoreData Wealth Management Report is sourced annually from a collection of quantitative

data gathered during November and December.

The raw information for the project is derived from an in-depth online survey that is sent out to

the financial planning industry through a variety of channels.

These are to CoreData-brandmanagement’s database of planners and individual wealth

management companies promoting to their respective networks.

The combined efforts of all these groups result in response rates of around 650 valid

participants.

Participants in the study are drawn from all corners of the nation’s planning community,

including those who operate under their own AFSL.

From a geographic point of view the bulk of respondents are drawn from New South Wales,

which has the highest collective of financial advisers in Australia.

For the other two most populous states, Victoria and Queensland, these two regions typically

account for an approximate one in five of respondents.

Groups Covered

AMP

Asteron

Aviva Australia

AXA Australia

BT Financial Group

Colonial First State

ING Australia

Macquarie

MLC

Perpetual

St George/Asgard

Tower Australia

Zurich Financial Services Australia




Analysis

The following are the common types of analysis we perform on data sets :

Descriptive and Bivariate analysis:

- Chi-square,

- Correlation,

- ANOVA,

- t-test

Multivariate Analysis:

Regression Analysis (OLS)

Choice Modeling ( e.g., Logistic regression)

Factor Analysis

Cluster Analysis

Structural Equation Modeling (SEM)

Artificial Neural Network

Two main techniques for determining significant differences or associations in the data we

typically deal with are;

Chisquare test - are used to test relationships found in crosstabs.

ANOVA test - used to determine whether there is a significant difference in

the averages of two or more groups.




You can use ANOVA to test difference between two groups and also to test difference between

periods within the 7 point index scales.

Crosstabs and Chisquares (non-parametric test used for nominal or ordinal data) -can use

collapsed/recoded interval ratio but parametric tests are more powerful as they contain more

detail and are thus more accurate.

Our analysis is later overlayed in the reporting stage with a separate strategic insight

component.

This involves contextualising the findings for clients, and providing strategic suggestions

relating to the implications of the research for groups individually.

The power or the ability to detect statistically significant differences in data sets is contingent on

three main factors:-

1. Alpha level (or confidence level).

This is virtually always set at 0.05 i.e. 95% confidence.

2. Effect size (or meaningful difference).

This is the amount of difference etc. between variables that is required to conceptually

be of importance. For example if you were able to detect a significant difference

between two variables of 1% would this actually be meaningful?

3. Sample size

This is a critical factor in allowing effects to be detected. The larger a sample is the

smaller the effect that can be accurately detected. However, for efficiency and resource

management ideally sample size is no bigger than is required for purposes.

For the purposes of this benchmark study, ideally the more respondents the better, however

from an individual group perspective anything less than a sample of 30 makes analysis hard to

conduct.




brandmanagement

brandmanagement is an Australian based market intelligence and research consultancy specialising

in the financial services industry.

The group provides clients with market intelligence, guidance on strategic positioning, methods for

developing new business, advice on operational marketing and other consulting services.

brandmanagement prides itself in identifying market trends at the earliest opportunity and formulating

insightful quantifiable research that clients can use to help them stay ahead of the market and better

meet the day-to-day challenges facing their businesses.

Our focus is on bringing deep market knowledge to research and strategy development.

The group’s research is not just about information and data but at providing insight so clients can

develop strategies that work.

The brandmanagement team is a complimentary blend of experienced financial services, research,

marketing and media professionals, who together combine their years of industry experience with

primary research to bring perspective to existing market conditions and evolving trends.




Disclaimer

To ensure the privacy of the individuals conducting this research and to comply with privacy laws, no persons have been mentioned by

name and no personal details are contained within this document.

This document was compiled from primary research and other information at the time of writing.

The information is believed to be accurate however no representation or warranty, express or implied, is made by brandmanagement as to

its completeness, and it does not make any warranty to correct any information subsequently found to be inaccurate.

This document does not constitute investment advice or a business recommendation.

This document may contain the personal views, standards and opinions of the researchers and third party contributors.

The inclusion of this material is not an endorsement by brandmanagement

In all cases, people reading this material should attain appropriate professional advice in evaluating its accuracy, currency, completeness

and relevance for their purposes.

Brandmanagement disclaims any direct or indirect liability or costs arising from any reliance on the information contained within this

publication.

The information within this paper remains the express property of brandmanagement. It may not be reproduced in any form without express

permission.

wealth management report 2010

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