Platform providers have begun stepping into the advice space in a bid to address the advice gap.
Janine Menasakanian, investments consulting director, says there will undoubtedly be other digital advice service launches.
“In the investment platform space, there is recognition that ‘fund buy lists’ and ‘how to guides’ are just not sufficient anymore. They only go so far, [and] in any case consumer confidence in these fund lists has somewhat diminished after Woodford-gate.
“Therefore offering either guidance or some form of digital advice seems like the next best step in the platform space, and those with focus on at-retirement planning and pension consolidation will be the winners, because that is where consumers need most help.”
