M&G Wealth has again called for a collective effort from the industry to address the ‘Advice Gap’ on back of the lang cat report released today.
Over the last 2 years M&G Wealth has restructured its advice business, introduced a ‘hybrid’ option, acquired independent financial advice businesses, built and scaled an Adviser Academy, and launched a direct investment app, &me. All established by the company to produce better customer outcomes and experiences and give a variety of options to inspire and help people to invest for their future.
The lang cat’s in-depth study looks at the drivers behind people taking advice and, more importantly, the barriers that prevent most of the population from doing so. Cost is not the only issue. Consumer trust is huge and more must be done to improve the perception, availability, and accessibility of advice.
Ross Liston, CEO, M&G Wealth Advice said:
“There are many different interpretations of the advice gap, but core is we have too few advisers in the country and not enough people are willing or able to access affordable advice services in a way that best suits them. This must be addressed and as people have options that can suit their circumstances trust is enhanced and important needs are addressed.
“The lang cat highlight several key findings, perhaps most of all the collective need as an industry to work together. This straddles education and opening as many options as possible for people to access financial advice in a way that best suits their circumstances, developing innovative technologies to deliver increased value, offering a range of advice options, and increasing numbers of financial advisers.
“It is critical that the industry works as one to deliver this.“