Breaking down the barriers to financial advice

Bildschirmfoto 2019 06 14 um 14.00.07

The world of financial advice can be a difficult one to navigate for those seeking support with their finances. The choice of services, advisers and products is vast, and people may feel overwhelmed with where to start. Misconceptions about the advice industry may also put people off seeking professional financial advice. Many exclude themselves from seeking advice because they wrongly assume it’s only necessary for complex investments or pension planning. Millions don’t deem themselves ‘worthy’ of needing advice – considering themselves too young, or not having enough wealth to warrant needing advice. The lack of knowledge about the wide range of advice services available is a challenge to the industry to educate would-be customers about what’s available on the market. The potential market is massive – Government figures show more than 41 million people across the UK are now members of company pension schemes, a 37% increase in just five years, with the figure standing at 30 million in 2014. As we are all living longer there is an increased awareness about the need to plan for a financially stable future – Government figures show around three in four adults are now saving for retirement. In an aging population, people need tailored advice to ensure that their retirement savings enable them to maintain the standard of living they are used to during their working lives. Since pension freedoms were introduced in 2015, sales of annuities – which guarantee an income for life – have declined by over 80% as more people embrace flexibility over their retirement cash. However, the increased choice and flexibility thanks to the Pension freedoms often results in further confusion for even the savviest amongst us.

View whitepaper
Date: 14 June 2019, 0:00 am   |   Provider: Openwork Ltd   |   Size: 251 KB   |   Language: English
This may interest you too:
Bildschirmfoto 2019 06 14 um 14.05.22

Closing the female financial adviser gap

There is no doubt that great strides have been made in recent years to increase gender diversity in the workplace. However, much more needs to be done in the financial services arena. The Government’s Women in Finance Charter, first launched in 2016, is one notable attempt to build a more balanced and fair industry. The Charter reflects the Government’s aspiration to see gender balance at all levels across financial services firms and particularly in senior jobs.

Gender balance in the workplace is good for business – it is good for customers ...

To the download
Bildschirmfoto 2019 06 14 um 14.09.45

the growing demand for financial advice

The demand for financial advice in the UK has increased exponentially in recent years as more customers recognize the need for expert independent support with their finances. They need the help as current stock market volatility is making investment decisions more complex while low interest rates make getting the most from your money more difficult.

Pension freedoms, enabling everyone aged 55-plus to access their pension when they want plus the growing numbers of people starting pensions and investing for their future, means the demand for f ...

To the download
Thumb original 2 eiu study orientarsi alla collaborazione emea paper

Andare sul sicuro

Con la crisi dell’euro ormai alle spalle, l’economia europea poggia oggi su un terreno relativamente solido, con previsioni di crescita costante, seppur modesta, per il prossimo futuro. Tuttavia un nuovo studio condotto dalla Economist Intelligence Unit suggerisce che la capacità delle aziende europee di capitalizzare le opportunità di crescita potrebbe essere influenzata dalla mentalità conservativa diffusa tra i leader finanziari. ...

To the download
Thumb original mobile customer engagement and the rise of the app based banking landscape

Mobile Customer Engagement and the Rise of the App-Based Banking Landscape

Traditionally SMS-based services have been the mainstay of mobile banking, but this has changed in developed markets with the advent of smartphones and the rise of the app economy. As mobile apps become ever more sophisticated, mobile banking is being touted as a more convenient alternative to online banking. The Bank of America was one of the first banks to catch on to mobile banking. Its iPhone app lets its customers pay bills, transfer funds and locate ATMs and banking centers across the country. Due to the functionalities offered by such ap ...

To the download
Thumb original riverbed white paper august2018 final

Branching out - How banks can grasp the digital future

Banks are on the cusp of seizing a great opportunity. Organizations in the sector have made significant progress towards delivering a seamless digital customer experience but they are missing the final piece of the jigsaw.

This paper will demonstrate how to become a digital leader and guide you through:
• The essential checkpoints that any retail bank must address if it is to perfect the customer journey
• How to gain a critical competitive advantage in the market
• The three key considerations that will allow you to get the most out of ...

To the download