Customer use of mass market advice services remains limited and there is no one 'killer app' for mass market advice, according to a leading research company.
A report from Ernst & Young (E&Y) Navigating the New: UK life, pensions and investments in a new regulatory environment argued there would be no killer app for the mass market but provided guidance for companies looking to move into the sphere. In a section entitled ‘ Closing The Advice Gap', written by Ernst & Young partner, Alex Lee, states that although 'nature abhors a vacumn', traditional providers of retail financial services are not well equipped to succeed in this market. It also said that many contenders are independent start ups or distinct greenfield operations separate fr...
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