Filling the Support Gap in Financial Services: An Affordable Path for Everyone
Steve Conley
Founder, Academy of Life Planning & Planning My Life | Advocating Values-Driven Financial Planning | Mentor to Non-Intermediating Planners | Author & Innovator
In the financial advisory sector, there’s a common narrative that 95% of the UK population does not receive financial advice annually, primarily due to limited wealth and high adviser thresholds. This phenomenon is often labelled as “the advice gap.” I propose a different perspective: this isn’t an advice gap; it’s a “support gap.”
Redefining the Gap
Financial advisers typically focus on long-term savings and investments. However, the reality for most people, especially during a cost of living crisis, is that their immediate financial priorities lie elsewhere. These include increasing earnings, managing debts, and building emergency savings—areas often neglected by traditional financial advisory services.
An adviser I spoke with recently highlighted a significant issue: the impracticality of monetising brief advisory interactions which don’t warrant extensive paperwork like fact-finds or suitability reports. His solution? Encouraging donations to a brain cancer charity in lieu of fees. This anecdote underscores the inefficiency in the current system and the necessity for change.
The Real Priorities
For the majority, who possess less than ￡100,000 in savings, the financial priorities are clear:
Once these foundational elements are in place, the need for traditional, regulated financial advice becomes relevant—applicable mainly to those with substantial investable assets.
A Sustainable Support Model
The concept of financial self-sufficiency is not just plausible but practical with the right resources. Here’s how we can bridge the support gap effectively for less than the cost of a weekly Latte (￡19 per month):
1. Comprehensive Financial Education Library: MoneyFitt
Replace informal advice sources with a structured library filled with courses, videos, and interactive content designed by independent experts. This library aims to eradicate financial illiteracy and includes specialised content for various life stages.
See these case studies:
2. Lifetime Cash Flow Forecaster: HapNav
This tool integrates with Open Banking to provide a detailed view of your financial situation, helping you understand your current position and future needs through a user-friendly platform.
领英推荐
3. Short-term Financial Planning Tool: Flipside
A 12-month cash flow modeler to navigate immediate financial hurdles, whether it’s managing student finances, starting a new business, or planning a budget.
4. Insurance Advisory: Life Search
Discuss your insurance needs with a LifeSearch adviser to receive tailored, fee-free advice and quotations from leading UK insurers.
5. Financial Activation Measure
Gauge and enhance your financial management skills through our bespoke test, with continuous opportunities to monitor and improve your capabilities.
6. Kokoro Quiz for Wellbeing
Assess and track your holistic well-being across physical, mental, emotional, and spiritual dimensions to ensure financial decisions enhance overall quality of life.
7. Unlimited Email Support
Direct access to financial planning advisers via email, ensuring you have a professional sounding board for any financial queries within two working days.
8. AI-Powered Financial Planner
Instant, round-the-clock advice through an AI-driven platform, offering personalised guidance tailored to both financial and broader life planning questions.
Continuous Improvement and Expansion
The support package will continually evolve, incorporating new tools and resources such as business planning templates, regular webinars, and an exclusive VOD channel for ongoing education.
Conclusion
Addressing the support gap requires a shift from traditional financial advice to a more integrated, education-focused approach. By providing comprehensive, affordable, and accessible financial education and planning tools, we empower individuals to manage their finances effectively, paving the way for a financially informed and capable society.
For more information and to access these resources, visit www.planningmy.life.
By equipping people with the knowledge and tools to manage their financial lives independently, we not only close the support gap but also foster a more financially resilient population.
Financial Mentor and Educator for all ages - Helping and guiding individuals, families, sports/legal/medical/accountancy professionals and business owners to make sound financial decisions.
7 个月A (very serious) question Steve. In your “Sustainable Support Model”, point 4 talks about accessing protection through Life Search. Who do you suggest helps the client through the completion of the ‘trust form’ and acts as a witness for the signatories? This is something I’ve always found lacking and which my clients are truly grateful when I’ve helped them dealing with a TRUST form. Who helps clients with the appropriate amount of life cover, critical illness and income protection and the term? Who helps the client if they have to make a claim? In my experience there is little ‘logic’ or support for the people I have met with these policies and most are more than happy for the cover to be set up for the ‘correct’ amount, term and affordable cost . . . . and when necessary, written in trust!
Senior Consultant | Business Manager | Conduct Management | Operational Risk Management | Business Transformation | Financial Services | AVAILABLE FOR CONSULTING/CONTRACTING OPPORTUNITIES
7 个月There are some great product providers out there - if you know what to do and how to do it this approach is significantly cheaper and allows you tap into those providers. For employers wanting to support their people in these challenging times it’s a risk free solution as this isn’t about selling a product it’s about helping people to help themselves - teach someone how to fish and they eat forever! Empower them to manage their finances efficiently and effectively and it removes one of the main things people worry about!
Accountant and Tax expert | Crypto Tax Specialist | Board Member | Co-founder of The Kapuhala Longevity Retreats
7 个月?? This sounds like a game-changing solution to address the support gap in financial services! ???? It's refreshing to see a focus on immediate financial needs such as managing debts and increasing earnings, which are often overlooked by traditional financial advisers. ?? Thanks for sharing this innovative approach, Steve Conley ??
Independent Board Consultant I Financial Advice Technology I Business Strategy I Wealth Management I Insurance I Bid Management I Industry Commentator I School Governor I Careers Mentor
7 个月Great piece Steve Conley. How do we make it happen?
Retired Chartered Accountant & Chartered Financial Planner, now applying his knowledge and experience as a part-time Consultant, Charity Trustee and Volunteer in the run up to a proper retirement one day!
7 个月Couldn’t agree more Steve Conley the way to bridge the gap is for consumers to help themselves with the assistance of (conflict free, sufficiently fair and reasonably priced) technology in the first stage - and then access properly competent, conflict free reasonably priced human advice when complexity requires it and makes it cost effective.