How to design a simplified advice service (and how not to)

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The Financial Services Authority's guidance consultation on simplified advice has provided a roadmap for firms considering developing a proposition.

Here's your guide to designing a simplified advice service from the paper: Define a target market and understand the needs of the consumers in that market. This will help to identify the process and product suite required. Attract and filter the consumers appropriately, so only consumers for whom simplified advice is likely to be suitable go through the process. There should be numerous drop-out points, particularly where a consumer answers any question which indicates the products in the suite are not suitable (eg because of their level of debt or emergency savings). Consider what...

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