Equifax taps into IFA shake-out

Equifax has launched a new solution which it claims will give wealth and investment companies the chance to improve their targeting and ROI following an overhaul of the IFA market, which has seen many advisers quit the sector.
The company reckons Equifax Investor Insights will enable marketers to engage with the predicted 5.5 million disenfranchised consumers who will cease using IFAs as a result of the change in how financial products can be sold.
Companies will also be able to boost their understanding of customers through profiling and segmentation, to ensure that they can target the right customers with the right products.
Equifax performance and marketing director Nishil Khimasia said: “Equifax Investor Insights tackles the very real marketing challenges that now exist following the implementation of the Retail Distribution Review (RDR).
“Wealth and investment product providers need to have the best possible understanding of the purchasing behaviours of their existing and potential customers, and we will deliver that insight. The product enables companies to also determine the most effective strategies for future sales and marketing campaigns.”
RDR, introduced at the beginning of 2013, has changed the dynamics of the wealth market. Where previously product providers have used intermediaries to reach the end-consumer, RDR has prompted a number of IFAs to exit the market. Many product providers are therefore investing more resources into their direct to consumer strategies in order to retain market share.
Equifax Investor Insights provides insight into consumer investment purchase behaviour at postcode level, based on more than £345bn of actual investment sales through the Touchstone Data Exchange operated by Equifax.
Featuring more than 200 investment characteristics, it provides the value and frequency of investment product purchases, including age, risk and products held and – when appended to existing customer data – enables more accurate targeting for improved ROI.