PIMFA
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The advice gap is often used as short hand to denote the growing disparity between individuals who receive financial advice and those who could reasonably benefit from it. In reality, this is more complex. According to the FCA, 4.1m people received regulated financial advice in the last year. In addition to this, 12.5m people received some form of financial guidance. Research conducted by Royal London looks to explore the different demographics of individuals and their varying needs – how they can be supported by professionals and what policy changes are needed to ensure that these are met. In addition, this research looks at the long established reasons why people are not accessing support, what needs to change and how that can be done. Royal London has always been a strong advocate of advice, and the role of advisers. What this research does is help us, as an industry, move forward the debate on how to increase its availability to more people.
