What you need to know

Technological advances and changing consumer trends are resulting in more and more aspects of financial lives being managed online. The demand for financial advice has historically faced barriers in terms of costs of services and wealth of customers, which limit the perceived relevance of advice. As such, many people have been left out of the scope of traditional providers.

The shift towards digital services is bringing costs down for a majority of people with standard financial setups, offering the opportunity for advisers to target consumers who have typically been underserved. To justify expensive and innovative systems, affordable online and automated services need a wide customer base, which means some providers will be in a better position to disrupt the market while others may prefer to continue specialising in traditional channels.

This Report covers the online financial advice market in the UK. This includes a look at key consumer trends driving the sector and the latest developments in terms of innovation. Mintel’s exclusive consumer research explores the use of different types of financial advice by source. It also looks into what channels people currently use and their willingness to consider online and digital options. It assesses the purchase drivers of financial advice, and what consumers think is a reasonable hourly fee for two different types of online services. Lastly, it looks into overall awareness of Open Banking and what type of information people are willing to share with advisers.

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