Foster Denovo has launched a digital tool MyAdvicePlace (MAP) to make financial advice more accessible to people regardless of their income.
As Foster Denovo explained: “Everyone, regardless of how much or how little money they have, can benefit from good financial advice.”
MAP aims to provide personalised, regulated, financial advice on key areas such as saving, investing, health insurance, income protection, buying a house and retiring.
It also gives access to a personalised unique financial MAP, based on the individual’s circumstances and goals.
MAP users are protected by law, just like conventional advice, and if the person chooses to do so, they can talk to a Foster Denovo adviser.
Conventional advice models typically start in the hundreds of pounds with ongoing charges potentially pushing it into thousands. This makes the service too expensive for numerous individuals.
It comes as Financial Conduct Authority research discovered this year that under 9% paid for advice in 2024 in the UK.
“MAP is a pathway to make it available to most of us.”
Foster Denovo own research found that 53% of people said they would be interested in a digital alternative, with 64% believing personalised digital financial advice would eventually become the norm.
Foster Denovo chief operating officer Helen Lovett said: “The advice gap – or chasm, frankly – is robbing too many people of the peace of mind we know professional financial advice provides.
“After advice, there’s guidance – information from which you make your own choice – but that simply does not span what is a real divide in affordable access to financial advice.
“Therefore, we’ve combined our experience and expertise as one of the leading financial advisory businesses in the UK with the latest technology, so we can actually do something about it.
“MAP gives you firm directions, on a simple-to-use and secure website, reviewed by a qualified financial adviser, at a fraction of the cost of the traditional approach. It gives you a route to financial confidence now and in future.”
