Private pension brokers attract 1 million clients

Although boasting a sales force that accounted for almost one third of the entire market, pension brokers only managed to attract a quarter of all clients, after two pension companies relied exclusively on their own sales personnel. Out of the four million clients that joined mandatory private pensions (2nd pillar), almost one million clients were persuaded to sign up with a fund by agents of pension brokerage companies or authorised intermediaries (banks and insurance brokers), according to data collected by ZIARUL FINANCIAR from the 18 pension companies. Internal sales forces accounted for 75.5% of clients, while external sales channels (brokers and intermediaries) fetched the remaining 24.5%. Although brokers and intermediaries made up 32% of the market’s sales force, they brought just 25% of the total number of clients and were less successful than pension companies’ internal marketing agents. In terms on their reliance on alternative channels, fund managers operated quite different strategies from each other. In fact, the share held by each type of sales force within each company is responsible for the hierarchy of some companies.