Personal
Business
close
Products
About us
Resources
Call us: +44 1632 960212

Defining the Financial Advisory Gap in the UK

As many families, individuals and businesses struggle to adapt to an increasingly difficult financial climate, the need for the right advice is crucial – with some 10 million plus furloughed workers, struggling SME’s and with the Manufacturing PMI seeing the most severe contraction ever in recent months – the short-medium term economic outlook is bleak; pension holders, individuals & investors are increasingly looking for ways to safeguard their assets.

The well-established, yet traditional Independent Financial Adviser (IFA) sector is critically important to the financial wellbeing of the UK as it imparts essential support and advice to help protect both individual & family finances. In fact IFA’s often develop a long term relationship with their clients and provide sage advice in a number of areas including pensions, savings, insurances and wealth management.

According to the FCA, some  6 million people use IFA services each year, however, the industry remains technologically poor, lacks automation and with increasing operational costs & low profit-margins – higher service fees are often passed to the customer.

With an estimated, 13 million consumers across the United Kingdom – whilst levels of wealth and asset portfolios differ, the problem of accessing compliant advice during the ongoing crisis remains a growing concern amongst many in government and industry. In short there remains a significant gap between those seeking expert IFA advice and those who are currently receiving the desired expertise.

As the COVID- 19 crisis continues to advance with no end in sight – Increasing numbers of people are now seeking financial advice from the UK’s IFA community but are cut off by high fees of traditional high street IFA’s. The advice gap is a relatively new term to the sector, but one that is becoming more important by the day  – it signifies the gap between an ever-increasing demand for regulated financial advice and the numbers actually receiving support from an IFA.

As demand for IFA support rockets in the wake of the global COVID-19 pandemic – accessing the right advice should be accessible to all and as technology develops we will be assessing the means to close this gap. A financially literate nation reaps a number of opportunities and levelling access to advice is an important consideration that the industry must embrace if it is to do its bit to help the UK navigate its way through the economic turmoil ahead.

We are here to help you
Your first consultation is completely free-of-charge. All you need to do is select a convenient time & date and outline how we can assist you.
virtual advisor
Try out our new Virtual advisor!
Get all benefits of Regular Advice via AI and ML algorythms
Related articles
Other
Privacy Policy
09 Feb 2021 · admin

This privacy policy explains how we use any personal information we collect about you. This policy applies to your use…

Featured media
General
Other
Calling All Industry Partners – Fintuity Is Looking To Partner With You!
04 Feb 2021 · Nic Cobb

The UK’s only digital IFA wants to work with you! As clients increasingly look for financial advisory online, Fintuity is…

Featured media
General
Other
What is an IFA and How Can They Help You?
28 Jan 2021 · Nic Cobb

Simply put, an Independent Financial Adviser (IFA) is a state regulated adviser that provides impartial and independent financial advice to…