UK-based research house Boring Money has introduced an online service to help investors understand what kind of financial advice they may need.
Boring Money Advice is designed for any UK adult with some investible assets regardless of their level of wealth, age and investment experience, and was created with the support of a panel of financial advisers as well as the Chartered Institute for Securities & Investments (CISI).
It will help consumers identify what type of financial advice they require according to their situation, ranging from free information, DIY investment products, robo-advisers, digital advice or even full face-to-face advice, the firm said.
The online service will also provide a “decision-making quiz” which will help users understand which services are more suitable for them, referring them to one of four channels, which include, free information, digital advice, product options, or face-to-face advice.
This will come with a ‘find an adviser’ tool, where users will also be able to filter professionals if they wish to find a female adviser, a planner with sustainable investment credentials, or a firm with a fixed-fee model.
For the time being, the service is available to over 12,000 of Boring Money subscribers. It will then be launched to the wider public later this year, following feedback and testing.
Advice not accessible to everyone
Holly Mackay, Boring Money chief executive, said: “Consumers tell us they find it difficult to know where to start, who to trust, what services are available to them and what it all might cost. As a result, we suffer from a huge advice gap, with millions of people feeling too uncertain about their choices to be able to find the right level of help they need.
“There is a fragmented array of tools available, with different services helping people find and compare investment providers, others helping with free information only, and websites using postcode-based searches to match customers with face to face advice. Boring Money Advice aims to bring this into one place for the first time.
“Services that help match consumers with a local financial planning firm are fine for those that have already decided they want advice from a local IFA. But they don’t help the millions of people in the UK with some assets to invest, but who just aren’t sure what level of support they need.
“We know that only 9% of UK adults get financial advice and yet more people desperately need help. Traditional advice remains poorly understood and people are afraid to take their first step because they don’t know what to expect or what it will cost.
“At the other end of the spectrum robo-advice is growing and new digital advice propositions are evolving. Consumers need help to identify which is right for them.
Bridge the advice gap
Chris Morris, deputy head of financial planning at the CISI, added: “It is crucial that the profession is always looking at new ways of engaging with the public, ensuring information is brought to life and made accessible to new audiences.
“Whilst there is no substitute to working with a qualified financial planner, resources such as this can play an important role in helping the public with their finances. We are pleased to partner with Boring Money in this new venture.”
Paradigm Norton client director Martin Ruskin said: “Much is needed to help bridge the savings and advice gap in the UK. Consumers for far too long have been – mostly – left in the dark when it comes to the basics of budgeting, debt management, where and how to save, and how best to look after their families in the event of ill-health or premature death.
“But now there is some help to light the way – no nonsense, no fuss, clear and concise advice. Personally, I am delighted to be involved and look forward to helping making sense of money.”
