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Sports clubs kick off with pensions

IFAs may face a growing threat to their livelihood as sports clubs are


planning to sell life and pension products to fans, according to


Datamonitor.


The report highlights a growing trend for sports clubs and associations to


get involved in financial services, with over 250 clubs offering over nine


million fans the opportunity to take an affinity credit card.


But Datamonitor says sports clubs have set their sights higher,


forecasting that the fastest growth over the next five years will be in the


life and pension market with a 40 per cent annual growth rate.


Datamonitor says the scope for selling pensions, mortgages and long-term


insurance is only just being exploited.


The company predicts that by 2005, 11,000 pensions annually will be sold


in total through the sports affinity channel.


But Datamonitor senior analyst Godfrey Sullivan says: “At present, most


football clubs have tied relationships with financial services providers.


There is a degree of scepticism about how many football fans will use their


affinity to their club when taking out high value products such as


mortgages and pensions.”


IFAs may not find cause for concern just yet as the report suggests that


clubs will have the biggest impact in general insurance.


Sullivan says: “Where tied relationships between providers and football


clubs has a viable future is with products such as motor and travel


insurance that are already highly commoditised and customer retention is a


key issue.”

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