“Even if you double the number of advisers, adding another 26,000, we won’t close the gap and franchises recruiting younger advisers won’t make a difference fast enough against the backdrop of a living cost crisis.”
This has prompted Firth to ask: who is going to sort out ‘Middle Britain'?
“The internet has to come to the rescue here,” said Firth. “It doesn’t help to get on the case of financial advisers. I can understand why they’re not that interested in fintech. Middle Britain is not advisers’ target market. Their ability to increase their capacity is limited.”
An obvious market, according to Firth, is the workplace, which Wealth Wizards is already tapping into.
“Consumers are going to look at where they get their pensions - their employer, or where their savings are - their bank,” he explained.
“We need to start from the very beginning, paving the way for how people can save for a mortgage deposit, an Isa, and a pension.”
ruby.hinchliffe@ft.com
