Now is the time to kick the tyres
Has the rollout of financial services products reached a plateau? In recent weeks there have been a large number of product providers rolling out enhancements and new features in their products. This includes master trusts and wraps, which have seen separately managed accounts arrive and start to be added within their range of services.
Yet in all of this we have not seen anything genuinely new, untried and bristling with promise.
It is always impossible to say there is no killer product over the horizon, but this current state of improvement and consolidation does allow those who use the products, the planners, to exploit this quiet time and explore new ways of investing.
It also means that if products are becoming more generic and commoditised, advisers can take even more control in dictating what they want to see in future products, how much they will pay and who will have access to them.
For product providers it means sharpening the pencil just a little further and finding the best way to gain the adviser’s attention with your product.
Some may regard the lack of new products as a down time in the growth of the industry. What it actually provides is a chance for all parties to consolidate and consider what is out there. It also ensures the next round of new products are worthwhile to place before a very demanding consumer market.
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