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Demand for financial advice will continue to grow

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Nick Blake (pictured), Vanguard’s Head of UK Retail, comments on the Financial Advice Market Review…

Vanguard welcomes the announcement on the Financial Advice Market Review and looks forward to engaging further with the Treasury and FCA on this important topic. With a large number of people reaching retirement in the coming years, at a time when there is increased choice and freedom over access to savings, we believe the demand for financial advice and guidance will only continue to grow. We strongly believe in the benefits of all UK investors having access to high quality, yet affordable, advice and guidance to help them make informed investment decisions.  

Our research has found that financial advisers can add value of about 3 per cent in net returns per annum/significant value for their clients (over the longer term), over and above what clients often achieve for themselves when left to their own devices. In particular, behavioural coaching can be extremely valuable in helping clients maintain a long-term perspective and disciplined approach through any market environment.

We fully support the review of the extent of an "advice gap" for people that do not have significant wealth or income and how new technologies may help to provide further cost effective, efficient and user friendly advice services. In particular, we look forward to being able to provide our perspective of the approach adopted in other countries around the world to address these questions.

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