We hear a lot about the “advice gap”. After the RDR and the prohibition of (most, but not all) commissions, consulting costs became more transparent, and consultants now charge. In the great and good view this has resulted in many less. Well-off people being denied access to financial counseling because they cannot afford or are prepared to pay for it. This in turn has led regulators to go to great lengths to put downward pressure on fees and costs in the (wrong?) belief that this will open the floodgates and those who have so far not been involved in financial advice will now be encouraged to do so. How this aligns with the regulator’s goal of ensuring companies are solvent and well-founded is somewhat of a contentious issue.

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This in turn brings the latest incarnation – Australia Phone Number Robo Advice. , provided that automation costs less than humans. If you’re making widgets, that’s totally true, but a little suspicious in this case.

However, when one examines the statistics and applies some logic, the idea of ​​suggesting a gap may seem less reliable.

We’ve had a fixed salary for about seven years. Things look to be improving, just as inflation is rising, and many people still haven’t seen any real improvement in disposable income. In addition to this, many auto-enrollment and taxation of disposable. The catch-up game seems like a fantasy.

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For this you have to check “The Elephant in the Room”. The huge debt burdened by the British public. UK personal debt currently stands at £1.524 trillion! ! That equates to £30,185 per capita, which is even more incredible when you consider how much debt the ‘average’ person really has when you consider that most people I know have no debt at all.

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