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Advice Report 2022

advise reportadvise report

A ballooning market

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.

We size the advice gap, profile underserved consumers, and shine a light on what will drive demand. Are consumers looking for holistic advice, are they looking for fixed fee one-off advice, or do they simply need some coaching? How important is face-to-face in a changing world? And how much of a threat are robos to traditional advice services?

Enquire about the full Report

Key chapters in the report include:

  • Sizing the advice gap in £ and customer numbers - supporting you to validate and size your plans.

  • Identifying who is in the advice gap - which consumers are underserved and offer the biggest opportunity for advice services.

  • Where do people currently go to help, and what are the barriers to advice - helping clients understand the kind of conversations they need to be having with consumers, in order to break down barriers to advice

  • Mapping the consumer need across life-stages - identifying financial priorities by life-stage, where consumers need help, and what they are most willing to pay for.

  • Face-to-face, Digital, or Robo: Sizing demand and consumer segments – helping you understand the target market for your advice product

  • Holistic, one-off, or coaching: Understanding demand and consumer segments – helping you understand the target market for your advice product

  • Market analysis: Best practice & what’s changed in the last year – understanding the competition

  • Response from financial advisers – how has their business changed in the past few years

  • How do people choose an adviser? Knowing how to attract the new audience

  • Satisfaction amongst those already advised – is there a risk of a move to digital?

The Advice Gap

The Advice Gap continued to grow into 2022. We define the Advice Gap as 1) Investors who are not advised, and have low confidence when choosing investments, and 2) Cash savers with £10k+ or 3 months' salary in savings who are willing to invest. The growth of the Advice Gap has been spurred in over the past few years, as more investors came to the market over the course of the pandemic, alongside the growth in cash balances. We size the Advice Gap in people and £ to help companies build their strategy for the future.

The Advice GapThe Advice Gap

Data has been redacted from this graph/visual. You can find the missing data in the report.

Is the future digital?

The number of people who say they are comfortable receiving advice via video call has jumped from 25% in 2019, to 60% in 2022. This is just indicative of the big changes in consumer needs and preferences over the past few years. The report explores what kind of advice those in the Advice Gap are looking for, foreseeing that digital advice will be the best avenue to attract new customers, and revenue. We delve into what type of advice channels should be leveraged to attract different target customer groups.

Data has been redacted from this graph/visual. You can find the missing data in the report.

Wondering about the £ size of the opportunity in digital advice?

Barriers to taking advice

53% of non-advised investors have never felt they needed an adviser. With this in mind, it’s clear that the biggest barrier to taking advice is that investors don’t understand the value of it (!).This report explores the barriers to advice, and how they affect different demographics, with the aim of helping advice firms communicate more effectively to attract those in the Advice Gap.

Risk of those already advised moving down-stream?

We found that only 1 in 10 of those advised in the last 12 months are currently looking to reduce costs. However, we look into the future – once awareness of digital and targeted advice options has increased – and assess the risk of advised customers moving down-stream.

Risk of those already advised moving down-stream?Risk of those already advised moving down-stream?

Data has been redacted from this graph/visual. You can find the missing data in the report.

Current state of play in digital advice

The report looks at best practice and evolution of the digital advice space in the last 12 months. We will help you to better understand your competition, with deep dives on Abrdn, Destination Retirement, Netwealth and Vanguard who are the first movers in this space, as well as looking at the mergers & acquisitions that are tell-tale signs of upcoming plans.

Get the full report

To gain access to the full, in-depth data report, contact our research team today for more information.