Is truly independent financial advice now only for the super-rich?

hether thinking of retirement, saving for the future, taking a mortgage or protecting their loved ones with insurance, many people appreciate the value of independent, fully qualified financial advice. But lots of people find it hard to receive quality independent advice, finding it complicated and expensive. Worse still, did you know that those who receive advice often do not realise that it may not be independent, and even worse, may not even be advice at all.

The problem is a result of an industry issue called the “Advice Gap”, generally referring to the perceived lack of quality financial advice available to those with moderate wealth. Since the financial regulator banned commission payments for investment advice, and raised qualifications for financial advisers at the end of 2012, almost a quarter of financial advisers left the industry*.

Having lost commission payments, lots of the advisers who remained abandoned the label of independence, instead becoming “restricted” in the advice they could offer, linked to a few providers only. The results? A shocking 47 per cent of people have had no financial advice in the last three years**, a deplorable situation which can lead to severe financial distress for hard working households.

The answer says Onvestor founder Michael Basi “was always going to involve technology”, however as he points out most attempts at a solution have involved so-called “Robo-Advice”, or an automated process where you are encouraged to go onto a website and manage your financial advice yourself, giving you tools to compare prices and performance. “There are several problems with this from our point of view. Robo-Advice is not Independent Financial Advice; the liability for decisions usually rests squarely with the client instead of with an adviser backed by a strong Indemnity Insurance policy, and usually the options presented are restricted rather than independent. That's why most of them can't claim to offer independent advice!”

Onvestor Advisory has been set up to provide face-to-face, truly independent financial advice for every person, using video technology so clients can see their adviser in the comfort of their own home, at a time of their choosing, on their terms. Onvestor Advisory then makes the market work for it's clients, pitching providers against each other on price and features, being the customer's champion and getting the best deal that works for the client's financial future. Instant meetings online as soon as you click a button; You can call in if you prefer; Receive truly independent advice; Talk about your pensions plans, savings, mortgages, insurance needs, wills and estate planning or almost anything that affects your financial future.