Understand the UK Financial Advice Market with Mintel’s market report. Our full report is packed with consumer-led market intelligence, the latest UK financial advice consumer trends and behaviours affecting your business.Â
Key Insights Covered in this Report
- Market size and performance for the financial advice market
- Regulatory and legislative changes in the market
- Consumers’ experience of seeking advice
- Expected future use of financial advice
- Preferred channels and sources for financial advice and guidance
- Recent advice experience, including satisfaction with various factors
- Consumer attitudes towards financial advice
UK Financial Advice Market Landscape
Increased demand for financial advice amid the cost-of-living crisis
Half of individuals across all age groups say that the rising cost of living makes financial advice more important. This sentiment is especially strong among younger demographics, with those aged 25-34 most likely to agree (72%), representing a unique opportunity for financial advisers to engage these young, new customers.
Affordability and transparency in fees remain challenges in the advice market
Addressing affordability in the advice market is challenging, with only 43% viewing financial advice as good value and 42% reluctant to pay for it. Furthermore, 46% feel financial advisers obscure their charges, underlining the need for clearer cost explanations and demonstrations of value.
Digitisation of advice presents opportunities to make it more inclusive and affordable
57% of those aged 18-34 think that fully-automated financial advice is just as good as face-to-face financial advice. Financial advisory firms can leverage this by offering digital-first advice solutions and using influencer marketing on social media that adheres to regulatory standards, thereby efficiently targeting this demographic.
Purchase the full report for a complete overview of the UK financial advice market, including consumer insights and comprehensive market analysis from Mintel’s industry experts. Readers of this report may also be interested in Mintel’s UK Consumer Financial Resilience Market Report.
Report Scope
This report examines the market for professional financial advice in the UK. Advice is distinct from guidance. According to the FCA, definitions are as follows.
- Advice – a personalised service that recommends a specific product or course of action based on an individual’s particular circumstances and financial goals. Advice is provided by qualified and regulated individuals or online by a regulated organisation. There is usually a fee for this service. Fees will be disclosed before you are asked to commit yourself.
- Guidance – an impartial/generic service that helps people to identify their options and narrow down their choices (eg via making suggestions), without telling them what to do or which product to buy. Guidance is free unless the provider clearly states otherwise.
Meet The Expert
This report is written by Saltanat Kuermannal. Saltanat joined Mintel in October 2023 as a research analyst in the financial services team. Prior to joining Mintel, Saltanat has worked as a consultant in the real estate sector. She has a PhD in Development Studies with trained backgrounds in Anthropology and International Politics.
Rising living costs and interest rates have increased demand for financial advice. Affordability remains a challenge but low-cost digital solutions can help.
Saltanat Kuermannal
Financial Services Analyst
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- Key issues covered in this Report
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Executive Summary
- Opportunities for the financial advice market
- Market dynamics and outlook
- Graph 1: number of regulated retail intermediary firms, 2018-22
- Graph 2: total industry revenues of regulated retail intermediary firms, 2018-22
- Graph 3: proportional distribution of total retail intermediary revenues, by type of business, 2022
- What consumers want and why
- Graph 4: proportion of adults who have sought financial advice in the past, 2023
- Graph 5: preferred channels to receive financial advice, 2023
- Graph 6: preferred channels to receive financial advice, by age, 2023
- Graph 7: use of sources of financial guidance in the last two years, 2023
- Graph 8: overall satisfaction levels with financial advice, 2023
- Innovation and marketing trends
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Market Dynamics
- Market size
- Graph 9: number of regulated retail intermediary firms, 2018-22
- Graph 10: total industry revenues of regulated retail intermediary firms, 2018-22
- Market segmentation
- Graph 11: proportional distribution of total retail intermediary revenues, by type of business, 2022
- Graph 12: proportional distribution of financial adviser firms’ revenues, by type of business and source of revenue, 2022
- Market landscape
- Macroeconomic factors
- Graph 13: GDP, Q1 2021-Q4 2023
- Graph 14: CPI inflation rate, 2021-24
- Graph 15: the financial wellbeing index, 2016-24
- Graph 16: the financial confidence index, 2016-24
- Regulatory and legislative changes
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What Consumers Want and Why
- Experience of seeking advice
- Graph 17: proportion of adults who have sought financial advice in the past, 2023
- Graph 18: proportion of adults who have sought advice from a financial adviser in the last two years, 2023
- Graph 19: total value of savings and investments, by age, 2023
- Future use of financial advice
- Graph 20: plans to use financial advice in the next two years, by previous experience of seeking financial advice, 2023
- Graph 21: proportion of adults who plan to use a financial adviser in the next two years, by total value of savings and investments, 2023
- Preferred channels for financial advice
- Graph 22: preferred channels to receive financial advice, 2023
- Graph 23: preferred channels to receive financial advice, by age, 2023
- Graph 24: preferred channels to receive financial advice, by value of savings and investments – NET, 2023
- Sources of financial guidance used
- Graph 25: use of sources of financial guidance in the last two years, 2023
- Graph 26: use of sources of financial guidance in the last two years, by age, 2023
- Graph 27: consumers who have received financial guidance via information given to them by their employer in the last two years, by household income, 2023
- Satisfaction with financial advice
- Graph 28: satisfaction with elements of financial advice, 2023
- Graph 29: overall satisfaction levels with financial advice, 2023
- Key driver analysis for satisfaction with financial advice
- Graph 30: satisfaction levels with the cost of financial advice, by household income, 2023
- Graph 31: satisfaction levels with clarity of fees/charges, by age, 2023
- Graph 32: satisfaction levels with clarity of fees/charges, by household income, 2023
- Attitudes towards financial advice
- Graph 33: attitudes towards financial advice, 2023
- Graph 34: agreement with the statement ‘I think that the rising cost of living makes it more important to receive financial advice’, by age, 2023
- Graph 35: agreement with attitudes, by age, 2023
- Graph 36: consumers who think fully automated financial advice is just as good as face-to-face financial advice, by age, 2023
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Innovation and Marketing Trends
- Launch activity and innovation
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Appendix
- Report scope and definitions
- Methodology
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