Access to financial advice in the UK remains skewed by a host of factors including age and gender, with more needed to be done to reach people across geographical locations, according to Intelliflo.
New research by the adviser technology provider found married men over 50 are the main recipients of financial advice, accounting for one in five advised individuals in the UK.
More than two thirds (68%) of advised clients are over 40, while those in their 40s make up just 14% of clients and under 30s account for just 4%.
Intelliflo said the discord between different age groups “gives rise to concerns”, particularly with a steady increase in life expectancy. A child born today is estimated to have more than a 50% likelihood of reaching the age of 105.
“With longevity continuing to expand, the significance of financial planning has never been more pronounced,” Intelliflo said.
Intelliflo’s data also suggests that relationship status significantly predicts the likelihood of someone seeking advice. Nearly half (44%) of people receiving advice are married or in a civil partnership, compared with just 11% that are single, 6% who are widowed and 1% who are divorced.
The divide also persists across gender, with 50% of those seeking advice male versus 43% female. Northern Ireland was found to have the widest gender advice gap, with 54% of men receiving advice compared to 43% of women.
The research found that Scotland and the South West of England boasted the highest number of people receiving advice, while London and North East England are home to the lowest number of advised clients.
In response to the findings, Intelliflo CEO Nick Eatock said the advice industry must harness technology to streamline processes, enhance efficiency and improve overall business performance which would pave the way for broader accessibility to financial advice.
According to Eatock, high-tech adopters are able to service 39% more clients than their low-tech counterparts.
“Against the backdrop of recruitment challenges within the financial advice sector, increasing advisers’ capacity will play a vital role in broadening accessibility to financial advice,” he said.
Intelliflo has also called for more to be done to reach clients in new locations.
“Technology facilities reaching clients across geographical locations and accommodating those with busy lifestyles. Remote servicing expands access to financial advice for a wider spectrum of people,” Eatock added.
