Satisfaction scores
Satisfaction scores increased for all categories this year by on average 5% with Existing business administration showing the largest increase. Online services was again the worst performing category.
Preferred Providers
Prudential was the top choice for onshore bonds by a long chalk; and Canada Life International and Prudential dominated the table for international bonds.
Most popular provider
Prudential continues to be the most popular recommended provider for onshore bonds, but with reduced support. Many of the established providers had less support; indeed, only HSBC Life and Foresters Friendly Society had increased interest shown in them.
The top three
The top three positions for performance in the various categories were dominated by Canada Life (UK) and Utmost PanEurope (Ire) with six top three positions each. Healthy Investment (UK) and Transact (IoM) were also well represented.
- Open architecture products are generally favoured over restricted architecture products and onshore products over international products, and this year’s results confirm that trend.
-
Interest in onshore open architecture bonds has increased again this time.
- Pensions, investment ISAs and unit trust/OEICs remain the most popular wrappers for advisers’ investment clients, but with less support this time. Annuities and some of the more sophisticated investment products had greater support.
-
Looking at international bonds, the withdrawal from the offshore market of Quilter has benefitted other main providers. There was an increase in support for Canada Life International and Prudential International, which together with Utmost form the top three recommendations.
- New business administration and Existing business administration are again the most important categories for the third year running. Indeed, the ranked order of importance was unchanged since the last study and with only a slight change in average scores across the board.
- For the third year in a row, there is a poor correlation between unweighted satisfaction and ranked order of importance. Four out of the seven categories are exceeding or meeting expectations, but the remaining three are underperforming by a large margin.
View the full review here
