Happy New Year everyone! So what happened in the last week of 2008, moving into 2009? According to Money Marketing, the Halifax has urged Brits to fund there Pension schemes properly, or even start paying into a Pension of some sort, as a New Year resolution! Apparently, their research suggests that over half the population of the UK, don’t pay into a Pension at all, and that around 70% of people surveyed overestimate the value of state pension provision.

I think this is a crucial issue for us, getting more vital year on year. Firstly, were generally living longer, and hence the working population in relation to the retired populous is getting smaller, and hence personal retirement provision is key! I think IFAs, Bank based Financial Planners, and such like have been armed with this survey and others to go out there and preach the good word of Personal responsibility for retirement. It also makes me personally want to ring my IFA and update my Financial Planning!

So what’s been happening in Regulation Land? The FSA are hosting a “treating customers fairly” seminar in Norwich on the Jan 21st, for small IFAs and Compliance people, to focus on preparation for TCF assessments later in the year! These are designed to aid the small IFA firm to consider the needs of the client at each stage of the sales process and effectively getting them to take ownership of this process!

If the standards of advice in Financial Services is going to be top notch in 2009, firms, IFAs, regional practices need to know exactly what is to be expected of them by the regulator, and if these types of seminars will help this process, then I think it’s a step in the right direction.

Interesting article from moneymarketing.com, apparently IFA Life stated that for IFAs to survive and prosper in 2009, their marketing projects and activities will be crucial! IFA Life founder, Philip Calvert stated that some IFAs are suffering from complacency and relying on Income/Renewal streams, and need to be more forward thinking in terms of marketing to get new business or income on board!

Couldn’t agree more, in researching the IFA market place to write this blog, each week, I’m learning that the real IFA winners of 2009, will not simply rely on existing Income streams, but be pro-active, through whatever mediums, marketing shots, seminars & presentations to clients and professional introducers alike, as business volumes have fallen and if you stand still, you’ll lose!

Better news for IFAs in the New Year, David Golder, MD of Bankhall’s IFA Services, has stated that clients who lack trust in Financial Institutions, such as Banks/Building Societies, may push them towards seeking advice from IFAs!

Personally, I believe, weve seen a year which is unpresidented in the UK Financial System, names like HBOS, RBS, Bradford & Bingley,not to mention the Investment Banks, all in trouble at some stage in year, to the point of Nationalisation (or part there of). Couple this with people becoming more sophisticated in their Financial Planning or more informed, I think IFAs, if they are ore pro-active in winning new business, can take advantage of this shift in emphasis! Good Luck all you IFAs in 2009!

Finally, onto the mortgage market, according to the Land Registry data, the stats show that house prices dropped 12.2% in November 08, compared with November 07, with the average house price being £161,883 (quite near to 2006 levels)!

Obviously, weve seen prices fall in the Mortgage market place, but Im confident that by the 2nd quarter of 2009, due to Libor rates being extremely low, following record Base Rate cuts in 08, more extensive mortgage products will return to market, and that pro-active Mortgage Brokers and Mortgage IFAs, will take advantage of rising business volumes by offering a wider range of Mortgage and re-mortgage vehicles!