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- UK Consumers and Financial Advice 2022
UK Consumers and Financial Advice 2022
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The UK Consumers and Financial Advice report identifies consumer attitudes towards the intermediary market, competitive strategies, and barriers to seeking financial advice in the UK. This market report covers the market size, market forecast, market segmentation and industry trends for the Consumers and Financial Advice market in the UK.
Industry activity highlights a movement towards online financial advice services. With many consumers now using online services to seek financial advice, this shows that consumers are warming to digital advice and the convenience it can provide. Consumers still demand some in-person interaction, however, whether that be in-person, over the phone or through a video call.
Inflationary pressures have placed a spotlight on financial wellbeing and the cost of living in the UK. This provides both challenges and opportunities for advisers. For many, the rising cost of living will mean paying for financial advice is simply out of reach and a non-starter. For others, however, who are able to manage higher inflation, the desire to make the most of their money during tighter times could raise the appeal of paying for professional advice.
External economic factors are the biggest threat to the financial advice market, including inflationary pressures and property market activity. The advice market relies heavily on other sectors to promote new business. As observed in 2020 with the property market, a lack of activity can have a direct impact on revenue for advisers.
Technology continues to be the biggest opportunity in the financial advice market. Digitisation of offerings makes advice services more accessible and convenient. Providers must continue to ensure that consumers’ demands are being met, as there is still a significant portion of customers who still want some human interaction when using advice.
Read on to discover more details or take a look at all of our UK Financial Services market research
Brands: Legal & General, JB Morgan Chase, Moneyfarm, Aviva, M&G, Fintuity, Chancery Lane, Lloyds Banking Group, Goldman Sachs, Addition Wealth, FCA, Skipton Building Society, Think Money, Bank of Scotland, Blevins Franks Financial Management.
This report, written by Natasha Hayes, a leading analyst in the Financial sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The financial advice market has undergone significant digitisation in recent years. This is set to continue as hybrid and fully-online advice services become commonplace. There are opportunities for providers to better educate consumers about financial advice to draw more people to the market.
Natasha Hayes
Financial Services Analyst
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