Has the pandemic changed the way consumers want advice?

Advice online and over video could be set to stay

Advice online and over video could be set to stay

The number of investors that told us they would be satisfied receiving financial advice over video has doubled since 2019.

Pre-pandemic, just 25% of investors said they’d be satisfied to receive advice via a video call. But our evidence, collected through nationally representative surveys with thousands of UK adults, suggests things have changed significantly. Almost half (49%) of investors now say they’d be happy to receive financial advice over video.

The findings point to what we anticipate being an important evolution in consumer attitudes. Acceptance of digital channels – video, online automation, webchat – is growing when it comes to financial advice. Although, many people still value the human touch too. So how can firms effectively combine the best of both and identify those consumers that still want advice in-person, or those happy to embrace digital?

Boring Money’s Advice Report 2021 delves much deeper into the figures to reveal how demand for digital varies by age cohort and examines the expectations of mass-market and affluent households. We also ask how much the market for digital advice could be worth, and where the biggest opportunities exist.

To find out more, contact the team at research@boringmoney.co.uk.

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