Five years ago, it seemed the future of financial advice had arrived – and it came in the shape of robots and algorithms. With regulators anxious about a financial advice ‘gap’, technological advance paving the way for innovation, and the pension freedoms creating a new wave of demand for help with retirement investments, the time seemed right for automated investment advice to take off.
Anna Sofat co-founded independent financial adviser Addidi in London with her husband in 2008, with the aim of helping women grow their wealth and build their businesses. In 2019, Anna was named Financial Adviser of the Year at the Women in Financial Advice Awards. In December, Addidi joined Progeny, a national advice firm. This month, Anna won the Professional Adviser Personality of the Year award.
The Financial Conduct Authority (FCA) has urged financial advisers to address four areas of concern that are leading to poor consumer outcomes.
Court action against people acting with power of attorney on behalf of vulnerable people jumped by 55% in the last year, to a record high.
Data obtained by Nockolds, a law firm, shows the Office of the Public Guardian (OPG) made 721 applications to the Court of Protection to censure or remove attorneys in 2018/19, up from 465 the previous year.
Prior to the past few months, I have had personal dealings with financial advisers only a couple of times. In my first encounter, several decades ago, I was persuaded it would be a shrewd move to pull out of the company pension and open a personal pension with the Equitable Life. That was not my finest hour, with hindsight, though I was not alone: you would be surprised how many financial journalists in the 1990s lost their savings that way.
Analogies can be very helpful in clarifying our thinking on complex subjects like managing wealth. If you are wondering whether you should upgrade from an independent financial adviser to a wealth management firm, then this medical analogy might prove particularly apposite.
Savers with less than £500,000 are reluctant to pay for financial advice, research has found.
New research reveals that trust levels towards financial advisers are low among investors.
Stephanie Hawthorne has covered all the bases to help make sure your selection is the right one.
Tom Bailey runs through the main robo-adviser offerings, assessing how their charges stack up against those of their competitors.