For years, the financial advice profession has been grappling with the challenge of trying to make financial advice accessible to more and more people. There is no doubt that a growing cohort of people can and should benefit from sound professional advice. BUT, is the gap between those who can and cannot access professional advice growing as the cost of living crisis bites? Financial advisers and other experts have been sharing their thoughts on this important topic as follows:
Lisa Tipton, Director of Financial Planning at New World Financial Group:
“With the cost-of-living crisis hitting people hard, it’s no wonder the advice gap still seems to be growing. The fact that many advisers still charge a percentage of assets under management means this is unlikely to change, as it’s just not profitable to help those who don’t already have substantial assets. Yet those people that need financial help and education the most are often the least able to afford it. At New World, we believe that everyone can benefit from some form of financial advice or guidance, and that the earlier you start the better. Over the past six months, we’ve introduced a free financial health check and we’ve been working closely with employers to provide financial wellbeing presentations to their staff. We also launched our subscription financial planning service earlier this year, which means individuals can benefit from full financial planning from just £50 per month.”
https://ifamagazine.com/article/mind-the-gap-do-advisers-think-the-advice-gap-is-growing-reaction/
