The gulf between those in the UK with and without access to affordable financial advice has widened in the past 4yrs, according to a new study revealing that digital innovations have not been enough to help customers priced out of the market.
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Financial advice gap has widened since 2015, says report
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New digital services, known as robo-advisers, have emerged in the UK to fill that gap, but OpenMoney said that such services were not providing the personalised advice that customers need and “cannot replace the service provided by fully regulated financial advisers”. Robo-advisers, such as Nutmeg and Wealthify, place customers into low-cost investment portfolios based on online surveys about their risk appetite. But while some are authorised to provide full financial advice, other services have stopped short of that and provide “guidance” instead.
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