Unlocking the £185bn adviser opportunity
Around 39 million adults in the UK fall into the advice gap. We believe our industry has a responsibility to change that.
In our latest research, we reveal the potentially significant adviser opportunities that reside within the advice gap.
We also dig into why millions of customers miss out on the proven benefits of money advice – and how our industry might work together to connect more people with the help they need.
What our research reveals
There's a £185bn opportunity for advisers
There are six key barriers to financial advice
There's more to the advice gap than meets the eye
If we’re going to dispel some of these myths, we have work to do in making sure the profession is better understood. For those of us who work in the industry, the benefits for people taking advice are very clear. But for those who don’t, much of it remains something of a mystery.
Director of Policy and External Affairs
How professional financial advice changes lives
See how ongoing financial advice has helped to change the game for someone.
Transcript for 'Mental and financial wellbeing'
My name is Alex Binnington and I’ve been a financial advisor for over 25 years. What I love about my job is that no two days are the same. One day, I can speak to somebody about their life savings. The next day, I'm talking to a business owner about succession planning.
But for me, it's always about trying to understand what each client wants from life, and then helping them on the financial journey. So, about three years ago, I was introduced to a client who had a number of pensions to review.
It was clear from our initial conversation that he's somebody that we would class as being vulnerable because he'd had some historic mental health issues, he’d not been able to work for some time and he'd been claiming benefits.
He could be a bit up and down emotionally. So, to make him feel more comfortable, I offered to visit him at his home and suggested that he had a friend with him when we met just to offer some reassurance and comfort during the conversations we were having.
So, within a year of helping him consolidate his pensions, he was actually approached by an overseas company which was clearly a scam. Unfortunately, he did fall for it and filled in some paperwork with them. He then rang me in quite a lot of distress, explaining what he’d done.
So, I got involved, explained all of the dangers to him and managed to block the transfer. I spoke to Royal London straight away and they helped as well by blocking it so that he didn't lose any money.
To help my client deal with some of the financial issues he was facing at the time, I encouraged him to get a full mental health assessment from his GP just to see whether he’d be eligible to access his pension savings early. That ultimately proved to be possible. And it's allowed him to repay debts, stabilize his finances and buy a small property overseas, but most importantly, it's led to a vast improvement in the client's mental health and emotional well-being.
The last couple years I've been able to help him avoid a pension scam, access his funds early, repay his debts and buy an overseas property. And I actually got a text from him the other day to say that he's feeling really comfortable and life’s good. So many families are going through difficult and uncertain times right now, so to know that the advice I offer can have such a positive life changing effect, that is a really good feeling.