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HomeFinancial Planning68% of advisers keen to work with sub-£50k portfolios

68% of advisers keen to work with sub-£50k portfolios



Two in three monetary advisers (68%) are providing a proposition for buyers with portfolios below £50,000, with an additional 19% planning the same transfer, based on a brand new report.

Three quarters (74%) of the advisers surveyed for the Scottish Widows report agreed that the recommendation hole – the shortage of reasonably priced monetary recommendation – was an adviser drawback.

Nonetheless, 4 in ten (40%) of non-advised buyers additionally surveyed (with portfolios of a minimal of £100,000 in investable belongings) cited value as the best barrier to paying for monetary recommendation.

A 3rd (28%) weren’t satisfied recommendation would save them cash, whereas 15% didn’t see the worth monetary recommendation would convey them.

Nonetheless, solely 1 / 4 (26%) of the buyers surveyed categorically said that they didn’t need to pay for recommendation, demonstrating scope for advisers to persuade buyers of the worth of their companies.

The report from Scottish Widows discovered that the Shopper Responsibility may present a great promoting level for advisers. Over half (52%) of non-advised buyers surveyed mentioned the brand new Responsibility would make them extra prone to search recommendation on their investments.

Those that have been receiving recommendation noticed it as worthwhile. The bulk (82%) of suggested purchasers mentioned the recommendation they acquired represented good worth for cash.

Virtually 9 in 10 advisers (87%) surveyed mentioned they added between 2.1% and 4% in worth every year to purchasers’ portfolios.

Jamie Drewett, head of middleman gross sales at Scottish Widows, mentioned: “The recommendation hole is a very urgent problem in instances of excessive inflation, when some buyers with lower-value portfolios are vulnerable to seeing their predominantly cash-based financial savings slowly erode in worth.

“It’s nice to see advisers stepping as much as the problem by constructing out lower-value portfolio propositions. Outsourced funding options, digital platforms and on-line communication channels all assist to open up choices for taking over lower-value purchasers.

“The most recent proof from our survey helps the view that recommendation is demonstrably precious and suggested consumer satisfaction stays excessive. Nonetheless, there’s a notion hole round worth with some non-advised buyers, and we’re methods of supporting our advisers in championing the worth of recommendation to bridge that hole.”

• Scottish Widows surveyed 502 suggested shoppers, 500 non-advised shoppers and 502 monetary advisers with lower than £500m in belongings below recommendation between 8 and 18 September.




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