In the UK, 8.6 million affluent adults not paying for advice are sitting on around £1.61trn, with concerns about commission still putting people off, according to research from The Lang Cat.
The Lang Cat identified this "affluent advice gap" as containing individuals aged 35 to 75 who hold £20,000 or more in investible assets but are not accessing paid for advice. This segment of the population was estimated to hold £1.21trn in investible assets, plus £329bn in defined contribution wealth. "Everyone in this industry agrees the advice gap is a problem, but the real issue is everyone means something slightly different by it," said The Lang Cat CEO Mark Polson. "We wanted to put a number on the part of it that commercial businesses could do something about. These aren't smal...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
