The DIY investment space is experiencing very rapid growth, research by Boring Money has found.
There are currently nine million users investing with DIY providers in the UK, up from 8.6 million in Q3 2021.
Boring Money also collects customer reviews to inform its ‘Best Buy Awards’, and for the 2022 round, seven of the top 10 best reviewed providers are new entrants, meaning that customers are increasingly turning away from traditional firms.
The retail research company found that industry disruptors are emerging to challenge the more established providers as demand for DIY solutions grows.
Boring Money also discovered that, while newcomers tend to look after a smaller number of clients, they typically report better user experience and customers are more likely to recommend them to friends and family.
Chief executive Holly Mackay said: “When we consider the overall service to customers, including breadth of offering, functionality, cost, service and trust, the more traditional incumbents still have the edge.
“However, this year we have seen some younger brands really challenge the old guard, particularly when it comes to customer feedback.
“If some of these younger brands can retain their loyal followings as they scale and grow, they will start to present a more serious threat to the incumbents. The DIY investment market is growing fast – from both a customer and provider perspective – and firms are going to have to run harder just to stay still.”
