The latest report from Autus Data Services offers extraordinary insights into the landscapes of change and fluidity of movement of personnel across the entire spectrum of FCA registered companies and financial services as a whole.
Providing an immensely detailed profile at a micro and macro scale of business demographics, the Autus report highlights the fluid nature of personnel changes across the financial spectrum.
Key takeouts for this year were highlighted in IFA Magazine’s previous article on this subject on 19th January.
Delving a little deeper, the report highlights how important it is that sales team ensure their client contact databases are regularly updated. It recommends using an automated system, such as that provided by the Report authors.
Described as a “Merry Go Round” the report outlines the sheer number and scale of individuals registered through the FCA with over 90 different activities listed and categorised. Each individual has one or more of these acitivities and many thousand have overlapping multiple activities. Added to this is the constancy of movement, with over 4,000 individuals moving firm with the industry in the last six months alone. There appears to be movement out of banking to pursue careers in other sectors within the industry but the vast majority appear to have swapped one investment advice firm for another. Autus Data have created a model to make it easier to identify and to keep up to date with what they ‘do’ and ‘don’t’ do along with a matrix model of different firm types: see below
Adding to the complexity are the sheer number of firm types, which range from sole traders to large multinational corporations. Although the latter are fewer in number they account for the largest number of employees. A staggering 36,000 organisations employ a single registered individual while over 90% of organisations have only four registered individuals or fewer.
One notable take out from the report is the comparison between those joining the financial sectors and those leaving, whether to move outside the sector or through de-authorisation, see below:
