Financial Advisors Association (General Incorporated Association) Financial Advisor Association reports results of 3rd monitoring survey of regular member companies
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The Financial Advisors Association (Chuo-ku, Tokyo, Chairman: Hirotaka Nakagiri, hereinafter referred to as the “FA Association” and “the Association”), an industry association for financial instruments intermediaries (IFAs), We regularly conduct monitoring of regular member companies in order to understand the status of efforts to ensure thorough customer-oriented business operations, the status of compliance with the association’s code of ethics, and the status of sales and assets. I am. This monitoring was the third time since the association was established, and was conducted for 26 regular member companies (1,195 affiliated sales representatives). The main points are reported below.
Purpose and purpose of monitoring survey
The FA Association commissioned its examination committee, which is made up of external experts, to conduct monitoring of regular members (financial product intermediaries) between August 2023 and November 2023. The purpose and purpose of this monitoring survey is to understand the status of regular members’ efforts to ensure
“customer-oriented business operations,” the status of compliance with the association’s code of ethics, etc., and the status of sales and assets.
Key points of monitoring results
◆The total assets under custody for regular members is approximately 2 trillion yen.
◆About half of the regular member companies have fewer than 30 registered sales representatives.
◆The breakdown of sales for regular members is 55% from financial product intermediation and 34% from insurance agency.
◆ Regarding future management issues among regular members, most members cited securing and training human resources as their biggest challenge, followed by business model (shifting to a fee model while generating profits), strengthening internal management, and aging of IFA. The order of countermeasures was taken.
Monitoring results summary
◆Total number of accounts and total assets under custody for regular members The number of accounts increased and assets under custody decreased slightly. As of the end of March 2023, there are 156,000 accounts and 1,959.6 billion yen. This was also due to an increase in the number of relatively small members.
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You can view the details of the survey results below.
URL: https://www.faa.or.jp/news/main-info/20231201_1/
Name: Financial Advisor Association (General Incorporated Association) Chairman: Hirotaka Nakagiri
Establishment date: January 31, 2020
Address: 3F, Tensho Nihonbashi Ningyocho Building, 3-3-5 Nihonbashi Ningyocho, Chuo-ku, Tokyo
URL: https://www.faa.or.jp/
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