Advice Gap News Today

Punter Southall has launched a digital retirement planning solution for businesses and their employees, as well as pension schemes and their members.

Boring Money and Wealth Wizards have joined forces in a bid to improve access to financial advice and close the so-called advice gap.

Advisers have given a positive response to the Financial Conduct Authority and HM Treasury’s advice/guidance review released on Friday (8 December), but some have noted that the lines between regulated advice and guidance must not be blurred.

Nearly three quarters (74%) of financial advisers believe the advice gap is their problem, the Scottish Widows Investor Confidence Barometer has uncovered.

Advisers have been urged to “plug the advice gap” through scalability, with Defaqto warning it “can only be achieved by adopting technology”.

There is an advice gap amongst the next generation and “all evidence” points to this being the case, according to Schroders head of UK intermediary solutions Gillian Hepburn.

The majority (58%) of financial advisers have said the Consumer Duty regulation will result in an increased advice gap, according to research from Quilter. 

Latest research underlines what we know to be true: that there is an unmistakeable financial advice gap in the UK. However, three new insights suggest how it can be addressed, writes Derek Smith

The financial services sector has been urged to ramp up financial education to the public to win back the trust of consumers. This comes on the back of latest consumer report by financial services consultancy firm Lang Cat that highlighted lack of trust as the biggest issue for the advice sector.

Non-advised clients cited trust as one of the main barriers that stopped them seeking financial advice, a new study finds.