Consumers and Financial Advice - UK - May 2016
“Advisers are being challenged by customers, competitors and the regulator, with the ultimate result likely to be a more equitable market. This means there are opportunities for those willing to explore beyond the typical financial advice customer. Robo-advice has great potential across different financial products and customer segments but people need support to understand the value of these services on a personal basis.”
– Patrick Ross, Financial Services Analyst
This report discusses the following key topics:
- Lifetime ISA can help advisers reach a younger audience
- Is robo-advice enough to give financial confidence to the masses?
- Employers are in a strong position to improve access to financial advice
The financial advice market is on the brink of yet further change following the publication of the FCA’s Financial Advice Market Review. The review concluded in March 2016, making recommendations for a healthier, more accessible market that should support advisers in improving their reach among consumers. It suggests elevating the role of the employer in delivering financial advice and engineering conditions to make automated advice services successful, with the objective of improving accessibility and financial wellbeing.
The Government has opted to withdraw the Money Advice Service and pension guidance services from consumer-facing activities, instead choosing to use the organisations to sponsor third parties to deliver advice where it is most required. This leaves plenty of room for advisers to tackle the advice gap if they so choose, but many independent advisers are struggling under the cost of providing independent services as it is, leading many to sell up to larger networks.
This Report explores consumer attitudes towards financial advice, examining use of advice in the last three years and most recently used sources of advice. The Report also examines people’s likeliness to look for advice in the future across a range of different financial products and seeks to understand attitudes towards and the opportunities for robo-advice.
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.