As I wander along the supermarket aisle looking for an easy snack I reach the lasagne area. I have a choice of own brand, Taste the Difference, a Family Pack, Good to Yourself, a Toddler Meal, Basics, Al Forno, Quorn, Vegetable Lasagne, Chicken Lasagne, Charlie Bigham’s and more. And this is the point when it comes to advice: we know that there is a hunger out there for advice. We refer to the Advice Gap.
There simply are not enough fully qualified Level 4 Diploma or above financial advisers out there, able to satisfy the numbers of people who need advice. And so the hunger for advice will inevitably be sated via a number of different solutions. The ideal has to be face to face advice of course. But for members of the public who cannot or will not engage in this way, other solutions will emerge and be popular.
Those solutions range from responding to online or newspaper ads, self-help guides from the Money Advice Service or similar, the High Street banks’ sales people, a nudge and a wink from a mate and many more. Each of which is grossly inadequate. Mistakes will be made.
Given this background, it makes sense to construct platforms which will attempt to tailor solutions to respondents’ individual circumstances. They will grow in number and sophistication. They will improve and do a job. They will be a success without doubt, and they will be a pale imitation of the real thing.
13 November 2015
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