11th September 2014

New APFA report explores the changing face of the consumer

The Association of Professional Financial Advisers (APFA) has published "The changing face of the consumer" the first in a number of reports looking at the future of the advice profession. 

Alongside articles on the changing demographics of consumers in the UK the report, sponsored by M&G Investments, also explores how innovative new disciplines like behavioural economics can be applied to better understand and improve the financial decisions consumers make.

The publication of the reports marks the 15^th anniversary of the formation of APFA, formerly AIFA, by looking at what the next 15 years could hold. 

Chris Hannant, Director General of APFA, said:

“I’m delighted to be publishing the first in our series of reports, developed in conjunction with our members. A whole host of factors will determine the shape of the advice sector in the coming years, not least how the industry caters to the changing demands of its customers.

“One critical area we explore in this report is how consumers make their financial decisions, and how that process can be better understood. There are a range of behavioural techniques which could provide advisers with tools to further improve outcomes for their clients, and it will be fascinating to see how they evolve over the next decade or so.” 

Graeme Abell, Director of Nationals and Networks for M&G, commented:

"The APFA report will be a useful tool for advisers, helping them to better understand the consumer, as well possible ways in which to better meet consumers’ needs in today’s ever changing investment management environment."

The changing face of the consumer includes articles from:

• Sue Lewis, Chair of the Consumer Panel, on changing consumer demands and the challenge of winning consumer trust;
• Martin Grimwood, Divisional Director Financial Services at GfK, on the demographic impact and potential opportunities for advisers;
• Tracey Bleakley, Chief Executive of Personal Finance Education Group, on the progress of financial education in schools and the challenge of raising the financial knowledge of future generations; and
• Steven Andrew, Fund Manager at M&G, on the lessons to be learned from behavioural economics on how people can be persuaded to do what is in their own interests.

Further reports looking at the political and economic environment; regulation; adviser businesses and the products and technology will be published throughout September and October, culminating in APFA’s annual gala dinner which takes place on Tuesday 18 November.

To read a copy of APFA’s report The changing face of the consumer, sponsored by M&G Investments, please visit http://www.apfa.net/15.

Regulation