Expert: Andy Davies, Momentum
Facilitator: John Chapman, Owen James Group
Key issues for participants prior to the session:
- We have an ageing population that needs advice.
- We don't seem to be able to engage with a large majority of people who don't understand their finances.
- We have a large number of corporate clients with employees who need counselling.
- While we would like to help, we must be commercial in our approach.
Key discussion points during the session:
- We must improve our communication as an industry, including communication from platforms and product providers. We use too much jargon that confuses current clients and potential new clients.
- Who do people trust for their financial education? Traditionally newspapers, but financial advisers have a “bad press”. More people seem to trust Martin Lewis for their financial education.
- We need simple, well thought out, digital solutions to engage the younger generations.
- Simple solutions, such as Moneyhub, which is a software tool that works between the client and adviser could be a simple way of helping clients with their financial wellness, particularly those clients that cannot commercially justify being a fully advised client.
- A solution that linked Moneyhub to a digital advice solution would be a potential “winner” in the market.
Positive outcome from discussion - producing a commercially viable solution to help the general financial wellness of the U.K. population is a challenge for professional advisory practices. The financial wellness survey 2017 conducted by Momentum showed that those people aged between 55-65 that were digitally engaged were significantly more “financially well” than those that weren't engaged. A digital solution such as Moneyhub that provides rich financial content and a practical tool to help understand and manage your finances, but works with the advisor, could be an excellent solution.