Advice Report 2024
The report is designed to help all consumer-facing businesses in the investments, pensions and advice sector to understand the consumer needs and appetite, size the opportunity, confirm strategic priorities and evidence business plans.
Download the Table of Contents
Download the Table of Contents to preview how the Advice Report 2024 can provide you with a better understanding of the advice sector in 2024.
What is the Advice Report 2024 and how do we do it?
The advice sector is experiencing huge change. Intense regulatory pressure courtesy of Consumer Duty at one end, and uplifting opportunity for development courtesy of the advice guidance boundary review at the other.
Back for its 6th year, Boring Money’s advice report identifies the consumer appetite for better support, from information, through guidance and up to full service advice. Covering multiple wealth brackets, confidence levels and life stages, we come back to a dominant theme. What do people want from advice and how should this be packaged up?
With new insights from our proprietary panel supporting large nationally representative surveys and quantitative studies with advised customers today, we size the market, identify opportunities, define the customer need, assess drivers of acquisition and retention and consider value for all types of support and advice. It’s busy out there and firms need to prioritise which strategic lane they drive in – in terms of proposition, target market and development.
This report will support:
Articulation
Boards and those tasked with articulating and evidencing value
Evaluation
Proposition teams evaluating pricing models, service models and product developments
Identification
ExCos identifying the potential offered by the advice guidance boundary review
Marketing
Marketing teams considering brand and market positioning
Acquisition
Acquisition and retention teams – what drives customer behaviours
Business opportunity
Anyone building a business case and wanting to size the market and opportunity
How to develop help and advice in your business to remain competitive in a changing market?
Support business plans
Size the UK advice gap, identifying the size of the future opportunity for advice and guidance propositions
Confirm consumer needs and demands
Detail the triggers and barriers to receiving advice
Confirm the advice and guidance needs amongst those in the advice gap
Explore how to boost acquisition and retention
Deep dive on high asset investors not currently receiving advice – what are their barriers, what are they doing instead?
Deep dive on those who have had advice in the past but no longer do – what type of advice did they get? How satisfied were they? Why did they leave?
Identifying the number of advice customers who have switched adviser and reasons why
Explore the potential of regulatory change from the Advice / Guidance Boundary
Look at stated acceptance of ‘people like me’ solutions in response to the FCA’s proposal
Review attitudes to advice costing structures among advised and non-advised investors
Sources and methods
Survey of 3,000 nationally representative UK adults, April 2024
Survey of 1,000 advised investors with £100k+ in assets, April-May 2024
Survey of 500 Boring Money Panel members with £75k+ in assets – mix of those who currently receive advice, have received advice in the past but no longer do, have never received advice
Interviews with industry leaders
Get in touch with us to buy the report
Please contact dan@boringmoney.co.uk and rachel@boringmoney.co.uk for more information or to request a call with the research team.
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