I consider the ability of insurance to work effectively in both common and civil law regimes as a core strength and an attribute that will be recognised more widely among private client advisers.
As regards country specifics, fiscal change is always a key driver.
The 2013 premium tax rise in Belgium, from 1.1% to 2%, cannot have been helpful to new business growth.
How are the growing regulations in the financial services both here in the UK and across the EU impacting on your company’s sales trends?
I think most UK practitioners would be confident the UK regime is one of the more developed and client-focused in Europe.
The inclination for greater transparency in favour of the end user will predominate.
BVL is already committed to this agenda.
Its basic approach to charging reflects this mindset.
UK-style transparency is not currently demanded in all EU states but the trend looks set.
Each market will evolve at its own pace.
In fact, many UK IFAs might consider exporting their models of operation into mainland Europe?
The wide-ranging needs of high net worth clients usually brings practitioners of differing hues together. UK IFAs have a good story to tell.
The value proposition of a UK fee-based IFA must be evident when working with continental private bankers, lawyers and fiduciaries.
Will your distribution model change in the next few years?
My own business model is, by definition, to work via regulated intermediaries.
Not only does the regulated adviser work to enhance the condition of the client but they also help protect the insurer.
Regulated advice should mean appropriate advice where new business has longevity.
By employing the services of IIII, BVL has shown that same commitment.
Any competitor that supports UK-regulated intermediaries on the one hand while at the same time having its own staff directly contract with the clients of professional connections – that might otherwise enjoy independent advice – is sending a confused message.
BVL and IIII are committed to the UK independent intermediary channel.
UK distribution in the high net worth space may also narrow.
I see institutions without critical mass in their IFA units outsourcing advice to third parties.
I also see a growing number of IFAs focusing solely on professional connections.
Services are tailored to complement and not compete with those of the professional connection.
