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Advice Report 2021

Catering for changing customer needs

Are you charged with helping consumers to make better decisions about investments or pensions? Whether that’s content, best buy lists, coaching, online risk profiling or the Full Monty? If so, Boring Money’s new Advice Report is essential reading to help articulate, validate, size and implement your plans.

2020’s volatile markets and trendy-brand tech growth spurt saw the UK’s investor base grow to all-time highs. But as numbers swell, confidence is lower than ever and anxious investors feel uncertain about the future.

The landscape for investment and pensions advice is changing as new FinTechs and established players look to expand their reach. But to what extent does the advice gap remain? This report explores whether newer forms of advice are indeed meeting consumer needs, and where the gaps remain. It explores the driving factors changing the way in which people want to pay for and receive advice, and the threats and opportunities around digital advice and the demand for fixed-fee one-off advice.

Price for full report: £6,250 + VAT

This report has been designed to help you:

  • Navigate the current landscape of advice and guidance offerings, from full fat advice to investment guidance and financial coaching.

  • Size the served and underserved segments of the market – how big is the advice gap in both customer numbers and £billions?

  • Map the consumer need across different life stages i.e. accumulation, nearing retirement and in retirement – what questions do they have when it comes to investments, pensions and their broader finances?

  • Understand where consumers feel currently well-served, and where there are opportunities for development – where can and should the market go from here?

  • Size and forecast how the market and advice landscape could change based on consumer needs – where will people go in the future; what proportion of full fat advice users could move to alternatives?

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Insights include

  • Market sizing based on customer need and assets.

  • A map of current propositions by type of advice and type of customer served.

Research sources

  • Nationally representative survey of 6,698 UK adults.

  • Survey of 1,529 actively engaged retail fund investors.

  • Qualitative interviews with non-advised, past advised and currently advised investors.


Sizing the market for advice

This chapter sizes the market for advice. We look at the proportion receiving advice in the traditional sense – and how many can or would need to access this based on confidence and investible assets. This chapter establishes the current state of play, before later on in this report looking to forecast how the current landscape for advice is likely to shift.

Where do people go for help now?

In this chapter we look at where people go for help and advice on their personal finances. We look at how many investors and savers say they currently use an adviser, their reasons for doing so and how many people think they may use an adviser in the future.

The value of traditional advice

Satisfaction with traditional financial advice is high. Despite this, uptake remains low – largely due to advisers being unable to service those with lower levels of overall wealth. However, there is also a lack of clarity among the larger population of how advice can help them. In this chapter we look at what drives the perceived value of advice. What do advised investors want from an adviser? What would be important to those looking for advice?

What are the options?

In this chapter we outline the main methods or channels by which consumers can invest and receive help on investing or retirement. If we define traditional face-to-face as ‘full fat advice’, we this chapter looks at the growing availability of ‘semi skimmed’ options – advice limited to a specific need or supported by digital solutions. We look at who these types of advice are suitable for, use consumer survey data to understand the profile of current users of each form of advice and consumer attitudes towards different types and channels.

Mapping the consumer need

In this chapter we look at the breadth of consumer needs by life stage. It shares the insights from in-depth interviews conducted with advised and non-advised investors, on their past, present and future needs.

Threats and opportunities

This chapter looks at the key trends we think will drive change in the industry over the next few years. It looks at some of the key threats to existing advice models, the opportunities for growth and opportunities for new models of advice.