Financial News Roundup

Financial News Roundup

1024 512 Peter Deane

The financial news this week centred around the financial advice gap – get the latest and find out what we think with our news roundup!

Money Marketing: Industry needs to communicate value of advice more study says

Money Marketing reported on a new study into whether consumer needs are being met by the financial advice industry. It found that many consumers have a lack of trust towards advisers. Almost a third were unsure if they could trust advice. A further 35% reported that they were not convinced that advice would save them money.

Read the full article here.

LowerMyCharges’ take: Many people would benefit from financial advisers but unfortunately do not trust or value financial advisers enough to pay for it.

FTAdviser: Advice gap widens despite rise in robo-advice

The financial advice gap has grown, the FTAdviser reported this week. The number of people who would be willing to pay for advice if it was more affordable stands at around 5.8million. In recent years, there has been a rise in robo-advice. Some believed this technology would bridge the advice gap. The lack of human involvement, however, means much of this advice is simply “online investment management,” the study found.

Read the full article here.

LowerMyCharges’ take: Millions of people would benefit from financial advice but cannot afford or access current models. Robo-advice is not really the answer for many, too much robo and not enough advice. Help, guidance and planning from professional advisers, together with an environment that encourages this, will go some way to helping to close the advice gap.

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