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

Thumbnail of Exploring the advice gap report

Exploring the advice gap research report

39 million consumers fall into the advice gap. To better understand this challenge, we’ve carried out research with customers and professional financial advisers.

Our key learning is the fact the advice gap is formed by different segments of customers who are all facing different challenges.

In this report we’ll bring these populations to life, explore their financial needs and present our view on what our industry has to do in order to help them.


Download report (PDF) 

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.

Jamie Jenkins
Director of Policy and External Affairs

Read Jamie's thoughts on what's stopping people from seeking financial advice.

How professional financial advice changes lives

See how ongoing financial advice has helped to change the game for someone.

0:00 

My name is David Ellis, and I've worked for Royal London for 13 years. 

0:09 

My current role requires me to lead our trading relationships with the UK's largest financial advice firms. Working in partnership with advises to deliver good customer outcomes, is something that I'm very passionate about, because I know from personal experience that financial advice has the power to change lives. 

0:28 

Everyone has to face challenges in their lives, sadly, my big life shock came at an early age. 

0:34 

My father died suddenly when I was 18, and my brother was 10. As you can imagine, this was a devastating blow for our family. 

0:42 

Particularly for my mother. 

0:44 

I remember that once she got us through the initial difficulties like the funeral, thoughts quickly turned to finances, my mother only worked part-time, and my dad was the main income earner. 

0:54 

So, my father's death left us incredibly unsure about how we would fund our futures. I was about to go to university, but I resigned myself to the fact that would have to change my plans. And I started to look for a job to help support the family.  

1:09 

Then one evening a friend and my dad's turned up at the house to see my mother, his name was Keith Thompson, And, as it turned out, he was a financial advisor. Keith went to work helping my mother by putting a financial plan in place to supplement her small widow's pension by investing some life insurance money she'd received. 

1:28 

Money was still tight. But with a careful lifestyle and regular reviews from Keith, the plan ended up giving my mother an element of financial freedom. Considering our circumstances, the peace of mind, that this brought was absolutely invaluable. I was able to go off to university as originally planned and my brother, likewise, eight years later. In essence, the financial advice that Keith gave played a strong part in keeping our lives on track. In fact, all that Keith, his colleagues, and the product providers, he recommended did for us in our moment of truth, made me consider financial services as a very worthy profession, leaving university. I entered financial services on a graduate scheme and have remained in the industry ever since. I'm very proud to be working for a provider like Royal London. That works so hard to help advisers deliver great client outcomes. I really believe financial advice has the power to change lives because it helped change mine. 

0:00 

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. 

0:17 

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. 

0:28 

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. 

0:38 

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.  

0:51 

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 and quite a lot of distress, explaining what he’d done. 

1:06 

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. 

1:17 

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.  

1:29 

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. 

Why choose Royal London?

With our wide range of pensions and protection tools, services and technical content - we can help you deliver even more support to your clients, whenever they need it.

Show me how