Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Join us on the observation deck...
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Agenda – 4th Annual Financial-Clarity Breakfast Seminar
08.30 – 08.45 am Introduction - Ian Beaumont, CEO, Matrix Solutions
08.45 – 09.15 am Market Insight Session – Bella Caridade-Ferreira, Director, Fundscape
09.15 – 09.45 am Client Case Study – Dorian Hughes, Head of UK Wholesaling, BlackRock
09.45 – 10.00 am Latest Product Release – Ian Beaumont
-----
10.20 – 11.30 am User-group Session: FMGs – Broadgate Room
10.20 – 11.30am User-group Session: Platforms – Monument room
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Financial-Clarity Introduction
Ian Beaumont, CEO
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
What is Financial-Clarity?
• Provides a comprehensive view of UK retail investment distribution through over
10,000 advisory firms and their key contacts:
– By channel: direct, platform, L&P, adviser type, network etc.
– By product: wrapper, sector and fund/instrument
– By your business: salesperson, CRM, workflow
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Since 2010, why have 40+ major players moved to Financial-Clarity?
Market Leading coverage:
– >90% of Platform sales
– >90% of fund based IFA sales
– ~70% of legacy L&P sales
The entire market in one product:
– L&P, Platform, FMG, DFM all linked in one market view
– Fully online, intuitive dashboards
– Market leading Adviser contact details
– gross, net & AUM view, quarterly or monthly
Proven Integration Solutions:
– Single Intermediary View offering refined with 30+ clients
– Enterprise class CRM integration for Salesforce.com, MS Dynamics, Sage etc.
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Finding opportunities
Capturing sales activity
Campaign targeting
Sales management
Mgmt reporting
Channel Strategy
Product Development
Marketing Support
Business Uses
Sales & Marketing Team Interaction
Financial
Clarity
Initial and BAU Data Integration
Single
Intermediary
View
Client
Mktg
Database
Monthly
Platform
Data
The Industry Standard Web-Based CRM Solution
Client
CRM
Data
Internet/Intranet
Financial-Clarity Dashboards
Salesforce.com
Software Tools
Total-Clarity
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Financial-Clarity: Innovation since 2010
Q3 2010 Q4 2010
•Financial-Clarity
launched
•A single market
view of L&P,
Platform and FMG
markets
•Fully online
•Data from new
Wrap platforms for
the first time
• Integrated contact
data
Q2 2010
• Fund/product
sales reporting –
not just sector or
product class
• Dashboard
design
optimisation
• Simplifying
navigation
mapping
• Outlet, Firm,
Network and
Platform-level
sales analysis
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Financial-Clarity: Innovation in 2011
Q1 2011 Q2 2011 Q3 2011 Q4 2011
• Inclusion of switch
data from
Cofunds/Skandia/
FundsNetwork
pension/bond
sales enhancing
views through the
Big 3
•Total-Clarity 1.0:
First Salesforce
CRM Integrations:
Cazenove/24 AM
•Net Sales and
AUM views
•ETFs, ITs, SICAVs
added
• IPAD support
•Passive, ethical,
offshore analysis
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Financial-Clarity: Innovation in 2012
Q1 2012 Q2 2012 Q3 2012
•PinPoint
•MyView
•Total-Clarity 2.1:
Integrated
Campaign
Management in
Salesforce.com
•First monthly sales
data release
•Total-Clarity 2.0:
User-driven data
management
(firm/contact
editing). Enhanced
Account charting
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
So what’s next?
Our initiatives for the next 12 months
‒ Focus on Usability
‒ New dashboards and ways of working
‒ More Adviser contact coverage & detail
‒ Salesforce.com integration refinements
‒ L&P product look-through
‒ D2C coverage
‒ Financial-Clarity International
Your ideas
‒ User group, survey & Customer Services feedback
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
KEY SPEAKERS:
Dorian Hughes – Head of UK, Wholesaling
Bella Caridade-Ferreira - Director
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
2. Market Insight Session
Bella Caridade-Ferreira
Rollercoaster
ride: Impact of RDR on
the UK fund industry
Bella Caridade-Ferreira Director, Fundscape
Financial Clarity Breakfast
Seminar, 18th October 2012
Highs and lows for the UK
1. Current state of play
2. Distribution – aggregators
3. Distribution – primary channels
4. Future prospects
The UK in Europe
Assets at August 2012 Asset growth in 2011 and 2012
Source: Lipper FundFile, £m
The UK in Europe
Sales in 2011 (£m) Sales in 2012 YTD (£m)
Source: Lipper FundFile, £m
39%
37%
17% 25%
10%
8%
14%
16%
-2,000
2,000
6,000
10,000
14,000
18,000
22,000
26,000
30,000
Q10
7
Q20
7
Q30
7
Q40
7
Q10
8
Q20
8
Q30
8
Q40
8
Q10
9
Q20
9
Q30
9
Q40
9
Q11
0
Q21
0
Q31
0
Q41
0
Q11
1
Q21
1
Q31
1
Q41
1
Q11
2
Q21
2
Gross retail Net retail
UK retail sales: going down
Source: IMA, Fundscape Pridham Report
FTSE 100
+8.2%
FTSE 100
+21%
Top 10 managers:
52%
Top 10 managers:
93%
Highs and lows for the UK
1. Current state of play
2. Distribution – aggregators
3. Distribution – primary channels
4. Future prospects
UK distribution model
Source: Financial-Clarity, Fundscape
Life & Pension COs Platforms
IFAs
Wholesale channels
WMs Life & Pens
COs D2C
platforms Primary channels
Banks etc
Fund managers (direct intermediary)
Investors
~50-55% ~10-15%
~40-45%
Highs and lows for aggregators
Source: Financial-Clarity database, Matrix Solutions. Gross sales data contributed by platforms, fund managers and insurance companies.
Platforms now the strongest aggregation channel by flows and should continue to expand thanks to RDR Insurance channel will be squeezed Fund management groups will also see direct business decline as more business is directed towards platforms
Platforms
Benefit from the implementation of RDR. In particular, ability to offer adviser-charging services.
Offer a variety of propositions for different business segments from direct through to institutional.
Widen investment range to include all funds as well as ETFs, investment trusts, direct securities etc.
Offer white-labelled solutions for advisers and other institutional clients.
Auto-enrolment and corporate savings market could also boost platform business significantly.
New D2C platforms likely to emerge to cater for mass retail market.
Insurance
Insurance aggregation likely to decline as intermediaries increasingly opt to manage a client’s affairs through a single platform. Adviser-charging will accelerate the trend.
Another key driver of change is the commoditisation of insurance products combined with the growing breadth of insurance products on platform.
Insurers have adapted to this change with strategic alliances with platforms — L&G has partnered with Cofunds, Scottish Life/Provident with Ascentric, Novia and Nucleus.
Auto-enrolment and corporate platforms could change the direction of travel.
UK distribution model by 2017
Source: Fundscape estimates
Life & Pension COs Platforms
IFAs
Wholesale channels
WMs Life & Pens
COs D2C
platforms Primary channels
Banks etc
Fund managers (direct intermediary)
Investors
~65% ~5-8%
~30-35%
Highs and lows for the UK
1. Current state of play
2. Distribution – aggregators
3. Distribution – primary channels
4. Future prospects
UK distribution model
Source: Financial-Clarity, Fundscape
Life & Pension COs Platforms
IFAs
Wholesale channels
WMs Life & Pens
COs B2C
platforms Primary channels
Banks etc
Fund managers (direct intermediary)
Investors
<2%
~70-75% ~13% ~10% <2% <2%
IFAs
Increased qualifications obligation for IFAs is expected to result in many IFAs leaving the industry, particularly those close to retirement.
Adviser business will gradually decrease over time as they shed clients that do not want to pay or are too expensive to service.
Move more business on platform for administrative ease and to manage both commission- and fee-based business.
Widen range to include ETFs, trackers etc. IFAs will be much more focused on cost.
Outsource investment management.
Wealth managers
With the increased use of funds by this channel, wealth manager activity has been edging upwards.
They have also benefited from advisers outsourcing investment management in the run-up to RDR.
The planned use of DFMs on platforms by advisers had been expected to rise, but guidance from the FSA on payments by wealth managers to IFAs is likely to dampen the trend.
The FSA has also warned IFAs that customers should not be shoehorned into one-size solutions.
Direct to consumer
Direct-to-consumer activity will rise as some investors will be reluctant to pay fees post-RDR.
IFAs are also setting up self-directed platforms for clients that cannot or will not pay for advice.
The current business model (rebates) is under threat and D2C platforms will need to adapt to a revenue-based model.
Hargreaves Lansdown is the dominant force in this arena, but competition is expected to grow significantly.
Banks
Unlike Europe, banks play a comparatively small role in UK distribution, but they can leverage their captive client bases to great effect.
Having been heavily stung by regulation and criticism in the past, the majority of high street banks have pulled out of providing advice.
Some believe that mass-market advice cannot be run profitably.
Banks could cater for mass market with range of risk-profiled packaged products that could be sold via execution-only, advice-light or advice channels.
Banks could set up execution-only platforms. Barclays and HSBC have already done so.
UK distribution landscape by 2017
Source: Fundscape estimates
Life & Pension COs Platforms
IFAs
Wholesale channels
WMs Life & Pens
COs D2C
platforms Primary channels
Banks etc
Fund managers (direct intermediary)
Investors
~65% ~5-8%
<2%
~65-70% ~13% ~8% ~5% <2%
~30-35%
Highs and lows for the UK
1. Current state of play
2. Distribution – aggregators
3. Distribution – primary channels
4. Future prospects
Reasons to be cheerful
An advice-dominant distribution model.
Low interest rates continue to make funds look attractive.
More innovation by managers to produce specific outcomes.
Demographic trends are favourable to the industry with the rising number of well-off baby-boomers.
The auto-enrolment of employees into pensions and the trend towards workplace platforms offering staff easy access to ISAs.
Projections to 2017
0
200
400
600
800
1,000
1,200
1,400
01 02 03 04 05 06 07 08 09 10 11 Q212 12 13 14 15 16 17
Optimistic Realistic Pessimistic
Optimistic £1,302bn
Realistic £976bn
Pessimistic£809bn
Dorian Hughes – Head of UK Wholesaling
18th October 2012
A Sales Journey
BlackRock background
Yesterday
Learning from our cousins
Goals and objectives from changing to FC/SFDC
The project (timeline/engagement etc)
Outcomes – market MI, decision making, targeting, tracking, measurement etc
Benefits
Tomorrow
Agenda
36
Who is BlackRock®?
The world’s largest asset manager
100+ investment teams and 1,000+ risk
management professionals all working towards
creating a better financial future for our clients
Eyes and ears in 67 cities across the globe,
providing us with the insight we require for global
investing
Often the first call for sovereigns, banks and
investors during times of crisis
Timely market intelligence
Quarterly BlackRock Investment Directions
Fixed income market updates
Special market / event reports
BlackRock Investment Institute
Resources Investors Need for a New World of Investing
For Professional Investors Only
Total Assets of $3.56 Trillion1
1 Based on assets under management as of 30.06.12. All AUM represents retail data . * Includes commodity and currency mandates.
All of this insight, expertise
and reach work together for
you each and every day
45%
36%
7%
7%
3% 2%
Equity
Fixed Income
Cash Management
Multi-Asset
Alternatives
Advisory
37
Broad product range across all key asset classes
and geographies
* Retail EMEA APR assets as of end-June 2012. Source: BlackRock
BlackRock Fund Managers
(BlackRock’s actively managed
Unit Trusts)
26 Funds AUM $17.7bn*
Region/
Sector
Investment
Style
Multi-
Asset
4
Bond/Cash
4
Equity
18
Market
Cap
Geography
Long/Short
BlackRock’s UK Fund Ranges
BlackRock Collective Investment Funds
(Index tracking funds)
13 Funds AUM $16.5bn*
Geography Investment
Style Issuer Geography
Multi-
Asset
1
Bond/Cash
5
Equity
7
BlackRock’s UK Fund Ranges – At A Glance
For Professional Investors Only 38
Broad product range across all key asset classes
and geographies
• Retail EMEA APR assets as of end-June 2012. Source: BlackRock
• **Data as of end June 2012. There are currently 5 Consensus funds in the range, which launched at end June 2012.
BlackRock’s UK Fund Ranges
BlackRock Consensus Funds**
1 Fund AUM $9.13*
Geography Investment
Style Issuer Geography
Bond/Cash
Equity
Region/
Sector Investment
Style
Commodity
3
Equity
6
Market
Cap
BlackRock Investment Trusts
9 Trusts AUM $3.8bn*
BlackRock’s UK Fund Ranges – At A Glance cont
For Professional Investors Only 39
Yesterday
40
Regional Sales Team
Nick Lumb
07770 533 924
Mark Hemsley
020 7743 4834
07912 071 380
Alastair McCarmick
020 7743 2863
07912 162 260
David Chapman
020 7743 5178
07768 500 423
Dorian Hughes
020 7743 2887
07779 287 745
Sanjay Gohil
020 7743 2642
07802 642 107
Alan Lawrence
0131 222 9135
07799 347 401
Andy Norwell
020 7743 5250
07809 391 668
James Adams
020 7743 2500
07795 648 795
Scotland, Northern Ireland & Isle of Man
Ireland
Wales
North of England
Northern Home Counties & The Midlands
London, Kent & Sussex
South & South West
Head of Regional Sales
Head of Nationals & Networks
James Adams
020 7743 2500
07795 648 795
Andrew Peckham
020 7743 2849
07824 835 084
Andy Norwell
020 7743 5250
07809 391 668
New Business Development
South and London
North and Midlands
Scotland and Ireland
41
US Retail
42
US Retail’s goal is to become the pre-eminent retail franchise
within the US
• Organic revenue growth target to increase from by CAGR of 13% by 2014
US Business Retail Update
2009 2010 2011 2012 2013 2014
GWM USPC SAG DC
CAGR Revenues by Channel
43
Clear Vision:
•Pre-eminent retail asset management franchise in the US
•USPC- Drive to flow
Clear Strategy:
•Segmentation of firms- Wirehouse, Independent, RIA
•Segmentation of Advisors- PC & I
•Resource build out
Market Share Targets:
•Today: 3-4%
•Target: 7-8%
Defined Success = World Class Product + World Class Distribution
Defined Success in 2009: Distribution
44
Bank of America/Merrill Lynch GWM
Dedicated sales force for BofA/ML
36 external wholesalers, 39 internal wholesalers and 4
relationship managers
16% gross sales market share with the lowest redemption rate
at BofA/ML
US Private Client
Channelized sales force by firm and client type
71 external wholesalers, 51 internal wholesalers and 13
relationship managers
Significant contributor of growth with average firm market
share of 4%; goal of reaching 7-8% by 2014
Strategic Alliances Group
Dedicated team to variable annuity providers and insurance
companies
6 external wholesalers, 6 client service and 3 relationship
managers
Sub-advised strategies and mutual funds
Retail DC
Sales personnel dedicated to DC assets
8 external wholesalers and 8 internal wholesalers
US Retail Business Overview: Distribution Channels
BofA/ML GWM 41%
USPC 35%
SAG 21%
DC Omnibus
3%
US Retail AUM by Channel
US Retail AUM by Product
OEFs 47%
SMA 16%
Sub-Adv 22%
ETF Wrap 1%
AI 1%
CEF 13%
Source: US Retail. Notes: Data as of April 2012.
45
BlackRock – CRM Project Overview
Key drivers for a new Solution
Silo working, multiple non integrated CRM systems used for sales and marketing
resulting in disparate data sets
Sales opportunities potentially missed due to out of date contacts, unlinked systems and
ineffective targeting
Poor data quality leading to marketing inefficiencies, lower response rates and potential
poor customer perception
Ability to develop and drive Sales and Marketing strategies based on solid analysis of
the whole retail market as well as their own sales
Ability to segment our business in distinct ways to enable development on crucial
Nationals and Networks channel whilst growing under-represented areas of the country
and the business as a whole
46
BlackRock – Project Overview
High Level Objectives
Integrated CRM to capture all sales and marketing activities
Migration of all current data with associated history into the single CRM
Significant data cleaning improvements to current records and a means to maintain
up to date clean and accurate data
Ability to analysis BlackRock own transactional data plus benchmark against market
Increase the BlackRock universe with new validated prospects
To gather Market Intelligence that allows BlackRock to measure and manage their
retail distribution activities
- Evaluate our sales effort more effectively
- Give the sales team the tools and information to improve their targeting and
therefore sales
A system that allows working on the move
47
GO LIVE!
Week
13-14
BlackRock – Project Implementation Plan 18/01/12 – 04/05/12
48
Week
11- 12
Week
7 – 10
Week
5-6
Week
1 - 4 BlackRock
Project Start
Project
Scoping
Analysis
Statement
of Work
Process & Data
Definition
Workshops
Single Intermediary
View
Configure Salesforce &
Salesforce User
Training
BlackRock – Benefits
Short Term
• Improved efficiency and workflow across sales and marketing teams
• Allowed segmentation of business by regional penetration and largest client
• Clear account ownership and sales attribution
• Improved sales targeting per sales team member /per region
• Both in under-represented areas and where our penetration is on track to grow our overall business
• Focus attention on Top 150 IFA clients in each region
• CRM adapted for different levels of engagement – sales, management, marketing views
Long Term
• Significant improvement in sales and campaign targeting
• Improved time efficiency with more time spent in regions coupled with office focus follow up and intro calls
• Capturing all sales and marketing activity in one system
• Monthly influx of new useful prospects straight to Salesforce
• Improved management of sales team and reporting
• Ability to improve sales and marketing strategies
49
Using Matrix data, we have segmented our business in two distinct ways: the first by
regional penetration and the second by largest clients
We are now able to review the data we have and identify areas of the country where we
are under-represented as well as where our penetration is on track to grow our overall
business. From this we can re-double our efforts in a concerted way to ensure that we
bring those “underperforming” areas up to scratch.
This includes more time spent in the regions coupled with office focus –follow up and
introductory calls.
In addition we have focussed our attention on the top 150 IFA clients (plus stockbrokers) in
each region. Again there are some relationships that need to be built upon to ensure that
we have an appropriate share of this top 150. The remaining clients in each region will be
serviced by our office based team
Accepting that, we will re-double our efforts with our Life company clients in order to utilise
our contacts to broaden our reach into the IFA community
We are also focussed on developing the crucial Nationals and Networks channel and we
will be closely monitoring progress to ensure that we monetise these opportunities
Back to earth-UK plan our strategy – 2012 and beyond
Focus
50
The beginnings of the new world-London and South
East Current Market Share
Region Market Sales Our Share
Brighton &
South
Coast
£440.7m £1.5m (4.4%)
East Kent £162.7m £3.6m (2.8%)
Central
London
£1,990.7m £540.7m
(12.7%)
North
West
London
£201.6m £14.6m
(3.3%)
Mid Kent £559.3m £42.6m
(5.0%)
S/W
London
£585.6m £91.7m
(10.6%)
West
London
£727.8m £69.8m
(10.6%)
Maidstone Ashford
Canterbury
Horsham
Chichester
East Grinstead
Brighton &
Hove Worthing
Eastbourne
Tunbridge Wells
Seven Oaks
Region
Total
Our Share
£4.67bn £376.0
5.8%
Central London
NW London
West London
SW London
51
Nats and Nets coverage
Real regional focus
BDT support definition
Follow-up on every lead
Tier one and two
Have we got the skills we need?
Help from clients
Help from competitors
More training
Have we got the numbers we need?
Position
52
Nationals & Networks Opportunities
Distributor Our Share of
National/Network
Sales (Q4 2011)
Our Share of
National/Network
Sales (Q1 2012)
Ntw1 £8,548,780
(4.0%)
£5,197,298
(2.3%)
Ntw2 £2,499,217
(2.5%)
£3,440,012
(2.6%)
Ntw3 £11,910,434
(3.9%)
£11,502,718
(3.7%)
Ntw4 £1,497,271
(2.2%)
£2,027,405
(3.0%)
Ntw5 £6,707,810
(4.8%)
£6,092,569
(3.6%)
Nat1 £192,697
(1.2%)
£18,595
(0.4%)
Key
Biggest Opportunity
Opportunity to Grow
BAU
53
54
Focus-Evolution
Salesforce – campaigns
Finesse lists – never stop learning
Investment partner focus
Focus-Tomorrow
55
Proactive
A
B
C
Reactive
D
E
F
Refer
G
H
I
Record
56
Measure – South West Opportunities
Exeter
Winchester
Bristol
Bath Reading
Southampton
Guildford
Bournemouth
Fareham
Portsmouth
Taunton
Truro
Bracknell Swindon
Cheltenham
City / Town Market
Sales
Our Share
Q2 2011 –
Q1 2012
Our
Share
2011
Bournemouth £82.5m £2.6m
(3.1%)
5.9%
Southampton £908.2m £38.8m
(4.3%)
6.2%
Portsmouth /
Fareham
£161.1m £6.1m
(3.8%)
5.0%
Winchester £64.6m £2.6m
(4.1%)
6.2%
City / Town Market
Sales
Our Share
Q2 2011 –
Q1 2012
Our
Share
2011
Bath £575.7
m
£15.6m
(2.4%)
2.7%
Bristol £1.7bn £23.9m
(1.7%)
1.8%
Cheltenham £210.0
m
£19.4m
(8.3%)
7.7%
Swindon £43.7m £4.9m
(6.7%)
6.0%
City
/Town
Market
Sales
Our Share Q2
2011 – Q1 2012
Our Share
2011
Exeter £298.4m £12.4m (4.8%) 3.4%
Taunton £45.8m £0.8m (1.4%) 1.8%
Truro £46.9m £1.5m (2.6%) 3.3%
City / Town Market
Sales
Our Share
Q2 2011 –
Q1 2012
Our
Share
2011
Bracknell £47.1m £2.1m
(4.4%)
6.1%
Guildford £234.3
m
£11.4m
(4.9%)
15.3%
Reading £275.5
m
£7.8m
(2.9%)
5.7%
Region
Total
Our Share Q2
2011 – Q1 2012
Our Share 2011
£4.7bn £150.4m (4.2%) 4.2%
Key
Biggest Opportunity
Opportunity to Grow
BAU
57
We are focussed on driving our sales forwards
Most of what we did is brilliant
Some is not!
So:
Plan, learn, position, focus, execute, record, measure, repeat
WIN
Enjoy!
Summary
58
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
4. Financial-Clarity Update
Focus on Usability
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Requires too much training.. Not the best design..
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Simple, easy to use Technology..
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Latest product release demo
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
New Partnership Initiatives
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
MyLocalAdviser.co.uk – Partnering with the Adviser
Adviser Zone Update website listing MyMarketAnalysis
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Skandia Adviser Search Plugin
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Financial-Clarity International
• Partnership with Mackay Williams
• Leveraging the Financial-Clarity technology suite
• Ambition to replicate Financial-Clarity UK distribution granularity in all major markets..
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
Join us on the observation deck...
Matrix Solutions, 55 New Oxford Street, London, WC1A 1BS
6. User group Sessions
Guy Edsall