Market Research HUB has added a new report titled “Customer Engagement with Financial Advice“, which uses data of UK Life & Pensions Survey to explore customer attitudes and behaviors when it comes to financial advice. It explores what types of advisors individuals use, what financial products they use them for, and how often they use them. Through this it identifies who uses advice, where opportunities lie in encouraging more individuals to seek advice in the future, and how to target them.
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The advice gap is huge in the UK. 56.5% of consumers are not accessing financial advice. Regulators must work with all players in the financial services industry to improve access to advice. They must educate, invest in, and incentivize players to develop technology to do so. Advisors have a key opportunity to improve customer engagement with financial advice using technology. Digital solutions will provide access to advice for a cheaper fee for customers currently underserved because they do not want to pay or cannot afford to access advice. Digital solutions will additionally improve consumer engagement with advice and their finances, even for those currently accessing the advice market. Technology can help customers monitor and manage their finances more frequently and conveniently. All players have an opportunity to disrupt this market, as at present there is no specific pocket of players dominating innovation in this space.
– 56.5% of consumers are not accessing financial advice.
– Women, renters, and low affluence individuals are currently underserved by financial advice.
– Pensions, savings, and investments are the leading areas for which consumers seek advice.
Reasons to buy
– Develop your advice strategy by understanding how consumers prefer to access advice across different financial products. This includes identifying consumer groups who are not currently accessing advice and understanding how they can be targeted.
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