New research by Explain the Market & Moneyfarm reveals that 11 million Brits are looking for advice with savings and investments in the next 12 months
After years of hearing from the regulator and industry groups – this new survey of 1,190 people reveals how the public really feels about the state of financial recommendations in the UK today.
What the nation expects from financial advice is changing dramatically.
WHEN IT COMES TO FINANCIAL ADVICE THE UK PUBLIC VALUE TRUST, COMMUNICATION & LISTENING SKILLS ABOVE PRODUCT CHOICE
Most people demand a ‘trustworthy service’ (78%) with ‘honest & clear communication’ (73% overall and 80% with under 25 year olds) while ‘Fair charging’ is also viewed as important.
Surprisingly, a sizable majority (67%) do not feel that it is important to have a choice of different financial products or funds. (consistent across all ages and wealth groups) But over half of us (53%) do regard ‘Good listening skills’ as critical.
3 MILLION BRITS NOW EXPECT FINANCIAL ADVICE APPS THAT CAN MOVE MONEY NOT JUST SHOW CHARTS
Mainstream mobile apps and online illustrations are no longer enough for advice hungry Brits. UK savers and investors are demanding ‘full service’ apps that allow users to actually invest and withdraw money.
Over 3 million people (28% of all those looking for savings and investment advice) now expect financial advice brands to provide mobile apps that allow us to invest & withdraw money.
APPETITE FOR APPVICE ACROSS ALL AGES
Demand for App based advice is greatest with people under 45 but 17% of all people 65+ also expect financial advice firms to provide secure ‘full service’ mobile apps.
WEST-MIDLANDS HAS HIGHEST DEMAND FOR FINANCIAL APPVICE
Demand for these ‘full service apps’ is highest in the West Midlands (36%) – even higher than in London.
Guy Shone, ExplaintheMarket CEO comments “For years we’ve been told what the regulator wants & what the industry wants. This research reveals what the public wants and how people believe UK financial advice needs to change. People now expect Apps that move money. Brits rate communication skills as much more important than product choice”
Paolo Galvani, Chairman and Co-founder at Moneyfarm says “We launched earlier this year with the UK’s first full-service investment app. Our mission is to enable people to take greater control of their investments and offer them the ability to do this in a simple and efficient way. As reliance on mobile devices grows, UK investors want the functionality to manage their investment portfolios “on the go”. This survey has shown that investors are increasingly valuing convenience.”