Bridging the Gap

Why the advice gap is growing – and how we can close it.

A word from our CEO

Introduction

The advice gap looks set to grow substantially – with significant implications for the financial advice profession.

60% of the advisers we surveyed said they had turned away prospective new clients in the last 12 months, which provides a reasonable indication of the size of the current advice gap.

Some of these prospective clients will have found another adviser. Nonetheless, it is a reminder that an adviser’s time is finite. As wealth passes down the generations, and becomes dispersed among potential new clients, we may see a rise in the number of people seeking financial planning and investment advice.

Yet, as things stand, there is no guarantee that the industry will be able to meet a rise in demand. In fact, with many advisers planning to leave the profession in the next few years, the supply of advice looks set to contract substantially in a relatively short space of time.

This report looks at two areas where enterprising advice firms could profitably fill the advice gap: recruitment of new talent, and adoption of new, technology-driven business models.

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More Chapters

Chapter 1

Chapter 1 – Why the advice gap looks set to grow wider

Learn why the advice gap looks set to grow wider and why outdated perceptions of the profession are making recruitment more difficult.

Chapter 2

Chapter 2 – Raising awareness of financial advice as a career

This chapter outlines how we can attract the next generation of talent as well as the significant commercial benefits of doing so.

Chapter 3

Chapter 3 – Harnessing technology and new ways of working

Technology has huge potential to help close the advice gap, but where should you start, and what are the barriers that still need to be overcome.

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