Retirement concerns account for more than half of financial advice enquiries received by Inzuzo, as consumers seek help with pensions and accessing their savings.
The financial services lead generation company tracks about 150,000 UK online searches each month across terms ranging from “find a financial adviser” to queries about pension consolidation and tax-free cash.
Its data shows that people aged between 54 and 66 form the main group seeking advice online, with demand peaking at ages 64 and 65 as retirement decisions become more pressing.
Inzuzo said 95% of the consumers it had spoken to had not previously received regulated financial advice.
Richard Ardron, chief commercial officer at TFAS Enterprises, said: “The debate around the advice gap inevitably focuses on the millions of people who don’t currently receive financial advice. What our data demonstrates is that there is also a substantial number of consumers actively looking for help.
“These aren’t simply people browsing financial content. We see consumers approaching retirement, trying to understand multiple pension arrangements, considering whether to consolidate existing plans or trying to make important decisions about accessing their retirement savings.
“For many, the challenge isn’t recognising that they need help. It’s knowing where to go and finding an adviser they trust.”
Most consumers entering the advice market for the first time expressed no strong preference between independent and restricted advice, according to Inzuzo. Trust in the adviser and confidence in the advice process were considered more important.
Face-to-face meetings remained the preferred option across every age group. About 60% of consumers under 55 favoured meeting an adviser in person, rising to approximately 80% among those aged over 70.
Video meetings were preferred by about 25% of people under 55, compared with approximately 10% of those aged over 70.
The company also reported that demand for advice was affected by political, economic and geopolitical developments.
Ardron said: “We see consumer behaviour change during periods of heightened uncertainty. When geopolitical tensions increase, such as with the current situation in Iran, consumers without an existing adviser relationship can become more cautious and pause decisions until there is greater clarity.
“Once that uncertainty begins to subside, we typically see pent-up demand return, with an increase in people actively looking for financial advice.
“We see a similar effect around major domestic political and fiscal events. Search activity around areas such as pensions and Inheritance Tax can increase significantly around major announcements, particularly the Budget, as people try to understand what changes mean for their own finances.”
Consumers referred to advisers through Inzuzo hold an average of at least £250,000 in assets, the company said.
Ardron added: “The opportunity for the advice profession is considerable. We’re seeing people with genuine financial needs actively searching for professional help, many of whom have never engaged with an adviser before.
“Consumers referred to advisers through Inzuzo hold, on average, £250,000 or more in assets, reflecting a base of engaged, higher-value consumers actively seeking advice, not just casually browsing.
“Closing the advice gap isn’t therefore solely about creating demand. Part of the challenge is making it easier for consumers who already recognise that they need help to find and engage with an appropriate adviser.
“If the profession can do that effectively, there is a substantial population of consumers currently outside regulated advice who can be brought into it.”
