Inclusive financial planning

According to a recent FCA survey, only 8% of UK adults currently benefit from financial advice. As passionate proponents of our profession, who see the value that financial planning brings, this figure is too low. It’s our mission to increase it.

Over the coming weeks and months, we will be writing more about some of the reasons why we think the figure is low and about some of the gaps that exist between society and financial services — such as the education gap, the trust gap and the advice gap.

As financial advisers have traditionally had to rely on the sale of a product to be paid, the perception exists in some quarters that they may not always having the client’s best interests at heart. Whilst this can be a harsh generalisation on a largely trustworthy profession, the fact remains that the traditional financial advice model is entirely sales based. Until this is fundamentally changed, the perception will be very difficult to shake off.

This issue is also directly linked to the education and advice gaps. Whilst financial advisers are reliant on clients having money to invest in order them to be paid, it closes the door to a large proportion of people who need advice but lack the immediate financial means to qualify for it.

At New World, we see these issues as both crippling for the financial services profession as a whole and highly problematic for a public that has very few places to turn for financial education. We are dedicated to remodelling the entire profession and making it fully inclusive. Doing so means removing the sales element of old model advice and providing clients with a valuable service that can make a lasting and tangible difference to their lives.

By developing the Vision and Collaboration elements of our process, we provide our clients with an incredible focused service that results in financial security and peace of mind, and one where we are not influenced by investable assets.

People in their 20s and 30s, will not necessarily require the same level of financial planning as somebody approaching retirement might, however that doesn’t mean they don’t need anything. With our unique service proposition, we can scale advice and open the financial services door to everybody, for the first time.

Financial services need never be exclusive again and everybody can now access the educational materials they need to put themselves in full control of their financial future.

Written by Sam Tate

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