Boring Money Advice launches with new service to help tackle the Advice Gap
Boring Money is today pleased to announce the latest expansion of the business as it sets out the launch of Boring Money Advice. Launched to Boring Money’s subscribers this week, Boring Money Advice aims to help showcase financial advice, and to help consumers choose between ‘full fat’ advice, digital advice, DIY investing and free finance information.
The new online service is built for any UK adult with some investible assets, regardless of their level of wealth, age and investment experience. The platform will enable consumers to identify their own level of need for either free information about their finances, DIY investment products, robo advisers, digital advice, or full face to face advice.
It is the first tool of its kind which is agnostic about each of these channels - free guidance, DIY investing, digital advice or full face to face advice.
Launched with the support of an independent panel of expert financial advisers and the CISI, Boring Money Advice will provide a range of free tools and support, including interactive user Q+A and discussion portal. This will enable subscribers to share experiences and research their financial needs, as well as the concerns of other users similar to them. Alongside this, Boring Money Advice’s decision-making quiz will help users identify which services are likely to be appropriate for them, referring them to one of the four channels depending on their own circumstances:
Whilst Boring Money Advice will offer a ‘find an adviser’ tool, it aims to be totally agnostic about what level of guidance or advice is appropriate for each user. Depending on their own needs and preferences, users may be referred to free financial information and support, Boring Money’s comparison tools for DIY investors, options for ‘robo’ advisers, or a directory of traditional financial advisers. Based on consumer input, users will be able to filter advisers to find a female adviser, someone with sustainable investment credentials or a firm with a fixed fee model.
The new Boring Money Advice platform launches this week to Boring Money’s own subscriber base of more than 12,000 consumers and will be promoted to the 80,000 visitors to the main Boring Money site in March. Following feedback and testing, it will then be fully launched to the wider public later this year.
Boring Money CEO, Holly Mackay says:
“For those people that need advice with a capital A, our platform will help them to find it. But we also want to help individuals that are better suited to digital advice, DIY investing or who just need some free information to help them with the basics.
“Consumers tell us they find it difficult to know where to start, who to trust, what services are available to them and what it all might cost. As a result we suffer from a huge advice gap, with millions of people feeling too uncertain about their choices to be able to find the right level of help they need. There is a fragmented array of tools available, with different services helping people find and compare investment providers, others helping with free information only, and websites using postcode-based searches to match customers with face to face advice. Boring Money Advice aims to bring this into one place for the first time.
“Services that help match consumers with a local financial planning firms are fine for those that have already decided they want advice from a local IFA. But they don’t help the millions of people in the UK with some assets to invest, but who just aren’t sure what level of support they need. We know that only 9% of UK adults get financial advice* and yet more people desperately need help. Traditional advice remains poorly understood and people are afraid to take their first step because they don’t know what to expect or what it will cost. At the other end of the spectrum robo advice is growing and new digital advice propositions are evolving. Consumers need help to identify which is right for them.
“The current architecture the industry has designed is pretty analogue, either focussing on postcode-based searches of local advisers, or catalogues of information for those that want to go it alone. Boring Money Advice has been developed after three years of talking to people about their questions, and understanding what help they need. We want to help people understand what different options are available, ranging from free information, right through to full fat financial planning.”
Chris Morris Chartered MCSI – CISI, Deputy Head of Financial Planning adds:
“It is crucial that the profession is always looking at new ways of engaging with the public, ensuring information is brought to life and made accessible to new audiences. Whilst there is no substitute to working with a qualified financial planner, such as a CERTIFIED FINANCIAL PLANNER™ professional, resources such as this can play an important role in helping the public with their finances. We are pleased to partner with Boring Money in this new venture.”
Paradigm Norton Client Director, Martin Ruskin, adds:
“Much is needed to help bridge the savings and advice gap in the UK. Consumers for far too long have been (mostly) left in the dark when it comes to the basics of budgeting, debt management, where and how to save, and how best to look after their families in the event of ill-health or premature death. But now there is some help to light the way – no nonsense, no fuss, clear and concise advice. Personally, I am delighted to be involved and look forward to helping making sense of money.”
Nicola Crosbie, Director at Moran Wealth Management adds:
“I'm delighted to be working with Boring Money as one of their panel of experts. Financial education and empowerment is something I've always been passionate about, so the Boring Money concept of helping "people who don't have degrees in finance make smart investment decisions quickly and easily", is one that really resonates with me. I'm excited to be part of the Expert team, and I'm looking forward to helping people make more confident decisions, more easily.”
Ben Hampton, Head of Retirement Advice at Standard Life adds:
“We are huge advocates of financial advice in all its forms, and by supporting this project we’re excited to be able to help more households access the flavour of financial help and advice that they need. People want simple and intuitive online resources to help them understand their options and make sense of the next steps for their financial planning journey. The Boring Money Advice platform is a great way for them to do that and we’re delighted to be part of this exciting project.”
Boring Money reader, Andrew, adds:
“Finding an adviser is not a simple process, especially because I would like to find an IFA who's happy to take a fixed fee or hourly rate for an annual meeting, or for the ad hoc occasions we need advice. We are not too fussed about where they are based geographically - we all know how to Zoom now! – but we need to find someone we can trust.”
*Boring Money Online Investing Report published February 2021. A nationally representative survey of 6,698 UK adults
For more information contact:
07503 178 178
About Boring Money
Boring Money is an independent research and publishing house which provides information, tips and Best Buy tools to savers and investors. It recently raised £900,000 through crowdfunding, with more than 12,000 weekly readers and investors supporting and engaging with the company. The business conducts regular research with industry providers and UK consumers to track the developing DIY investment market from both the customer and provider perspective. Boring Money holds test accounts with over 25 investment platform providers and also holds regular focus groups and interviews with consumers to ensure regular input and feedback from the user perspective.
Founder Holly Mackay has worked in the investment industry for 20 years and is supported by a team of 12 researchers, analysts and marketing execs. Boring Money is not regulated to give personal financial advice, nor is it regulated by the industry watchdog.