What does the future of financial advice look like?

The Future of Advice - State of Flux report, written by AKG and sponsored by Canada Life, explores the insights of advisers and consumers based on in depth survey and interview-based research conducted this year. The new report brings to light how the role of advice is perceived in 2023, and where challenges and opportunities lie in the here and now, as well as in the future.

This paper is the second instalment of its kind. In 2020, we sponsored the AKG report, Beneath & Beyond, to look at the future of advice. Since 2020, when the first outlook of the future of advice was delivered, the world was enraptured with a pandemic, and little else. But three years later, the industry is still facing complex challenges that are changing the landscape of financial advice.

Tom Evans, MD of Retirement comments on the report:

“The industry continues to face change and challenges. Whilst not exclusively down to market volatility, technological disruption, or new regulation, these factors have major implications for the advice market, now and in the future.

“The report delves into how the public regard their own levels of financial knowledge and their need for guidance. Some people feel confident now but worry about changing rules and regulations adding complexity in the future. Others wouldn’t see a financial adviser at all – even if professional advice was offered for free. Unpicking these wary perceptions of the advice industry is not a straightforward task, but is vital to understand, for adviser businesses not only to survive, but indeed thrive.

“Via ‘State of Flux’, we can begin to understand our collective blind spots and help to recognise how the advice landscape needs to evolve and adapt. It is our hope that our partners and intermediaries find the paper as valuable and insightful as we did.”

The AKG report is brimming with thought-provoking insights to help us understand the challenges both advisers and consumers are facing. Especially at a time when changing regulations and a widening advice gap seem to be creating more questions. Whose responsibility is it to bridge the advice gap? How can the industry engage more clients?


Download your free report to find out more.


About Canada Life:

Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies.  Great-West Lifeco has over 38 million customers worldwide and £1.532trillion assets under administration (as at 31 December 2022).

Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown to become the leading provider of competitively priced group insurance solutions. Canada Life acquired Retirement Advantage on 3rd January 2018 for an undisclosed sum. The acquisition added over 30,000 retirement income and equity release customers and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities to Canada Life.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority. Canada Life International Assurance Limited and Canada Life International Assurance (Ireland) DAC are authorised and regulated by the Central Bank of Ireland.