Press comment: Vanguard advice launch 'genuinely disruptive'
If you are covering the news that Vanguard is to launch its own financial advice service, Vanguard Personal Financial Planning, please see the following commentary from Boring Money CEO, Holly Mackay:
“This launch is genuinely disruptive, in a positive sense. The UK’s Advice Gap remains substantial – only 9% of UK adults see a financial adviser and investor confidence shrank to all-time lows during the pandemic.
“We think this service offers those people with relatively simple financial affairs, in their late 20s to mid-50s, who just want to save up for retirement with minimum fuss and low fees, a really interesting new option. At 0.79% a year all-in, to have a discretionary managed account, a service which maximises your tax allowances, does the juggling between ISAs and pensions for you, keeps an eye on future nasties such as the Lifetime Allowance, and provides regular access to people on the phone if you have more than £100k invested – that’s interesting.
“Existing Vanguard customers are pretty happy with the core investment service – 86% say they would recommend it. It will be interesting to see if the advice service gets such strong user feedback.
“More of our readers are questioning the traditional model of paying 2% or more on an ongoing basis for a package of advice and investments. At less than half the cost, this service seriously challenges the status quo and is a cat amongst what can be some pretty chubby pigeons.”
For more information or to speak to Holly Contact Mike Glenister on 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.