Published on : Nov 22, 2017
Albany, New York, November 22, 2017: An in-depth study of the market for financial advice pertaining to the mass affluent consumers depicts robust growth in the coming years. This sector specifically comprises consumers who have an above average requirement for sound financial advice and enhanced capability to pay for this advice. In a new report recently added to its database, Market Research Hub (MRH) presents forecasts and insights on the market of financial advice for mass affluent consumers in the UK and throws light on the different factors anticipated to impact market revenue growth in the coming years. After the initial market overview and executive summary, the report presents statistics on the number of firms offering sound financial advice as well as the percentage of consumers who have used this advice. According to the report, about 69% of consumers in the UK have availed of professional financial advice in the past three years.
Key Dynamics Presented in the Report
The report dives deep into the market for mass affluent financial advice across the UK and covers the different factors anticipated to boost the growth of the market as well as hinder revenue growth of the market. Some of the components included in the report are:
- The different sources of financial advice used in the last three years
- Specific products and services for which financial advice is typically sought
- Reasons why face-to-face is the most preferred financial advisory channel for consumers
- Factors to be kept in mind before choosing a financial advisor
- Consumer willingness to spend on different financial advisory channels
- Consumer concerns regarding professional advice pertaining to investments
- Consumer attitude towards automated and online advice channels for financial investments
- Specific consumer complaints pertaining to financial advisory solutions
- New regulatory policies posing challenges to the sector
There is a dedicated section on the consumer perceptions and attitudes toward sound financial advice. The report suggests that investments, savings, and pensions are the main reasons why consumers tend to seek professional financial advice and consumers are concerned about the cost as well as the quality of the advice they receive. Consumers also favor independent financial advisors over such advisors who offer advice on a batch of products. According to the report, about 40% of consumers have consulted with an independent financial advisor in the last three years. Also, people under the age group of 45 are more likely to seek professional advice in financial matters. While automated financial advice is slowly becoming prominent in the industry, it still has a long way to go. About one in 10 people are willing to spend for automated advice pertaining to financial matters. Also, when it comes to advisors, consumers prefer sector and domain specialists who can give them specific financial advice pertaining to a distinct sector or domain.
The mass affluent financial advice sector in the UK is dominated by several leading banks and financial institutions and this report attempts to study a few of these leading institutions. The report features some of the top banking and financial institutions in the UK such as Santander, HSBC, High street banks, RBS Group, Lloyds, and Barclays and studies their key business and growth strategies to stay ahead of this highly competitive and lucrative market.
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