The recession is causing investors to seek advice, and FS providers are focusing their attention on their advisory models.
Scope of this research
- Structure of the Spanish advisory market including distribution data.
- HNW investors' views of, and use of, financial advice based on Datamonitor's proprietary survey
- Spanish consumers' trust in banks and independent financial advisors based on results from Datamonitor's proprietary survey.
- Regulatory environment for financial advice in Spain.
Research and analysis highlights
The dominance of the banking sector can be explained by the strength of the branch networks built up by Spanish banks, which tend to be able to forge strong links with customers due to the fact that each branch serves relatively few clients.
Despite the high levels of switching behavior seen, it remains likely to be constrained by the general public's slightly lower trust for financial advisors and brokers. Even after the establishment of MiFID in 2007, which was with the intention of increasing the quality of financial advice, consumers remain distrustful of financial advisors.
Over 40% of wealth managers believe that one of the most effective strategies to increase wallet share in Spain comes through increasing face-to-face contact. Through face-to-face interaction, financial advisors are able to suggest and promote other complementary financial packages and thus increase wallet share.
Key reasons to purchase this research
- Understand the structure of the Spanish 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.
- Discover what impact regulation has had on the financial advice market landscape in Spain.