Intelliflo finds that financial advice in the UK remains stubbornly skewed by factors such as gender, age, relationship status, and geographic location.
Intelliflo conducted the “Advice Map of Britain” to understand and address the advice gap. The data reveals that married men over 50 are disproportionately represented among those receiving financial advice, constituting one in five individuals in the UK.
The advising market is characterised by a generational disparity: only 4 per cent of advised clients are under 30, and 68 per cent of advised clients are over 50. As life expectancy rises, worries surface, highlighting the rising importance of financial planning as discussed at the Intelliflo 2023 linked conference.
There are gender disparities in the financial advice industry with 43 per cent of women compared to 50 per cent of men receiving professional financial counselling. London has the smallest gender advice difference, with 47 per cent female and 50 per cent male clients, while Northern Ireland has the biggest, with 43 per cent females compared to 54 per cent males.
Intelliflo suggests integrating technology into the guidance process as a solution to these problems. Three effects are noted by CEO Nick Eatock: a reduction in client serving expenses, an increase in the number of clients served, and the ability to contact new clientele. According to Intelliflo, the adoption of technology has demonstrated a notable rise in capacity and revenue, enabling a more accessible and inclusive financial advisory landscape.
