Bridging the Advice Gap: Insights from NextWealth Live
The financial advice landscape is evolving and fast. At this year’s NextWealth Live event in March, the spotlight was firmly on the widening “reimagining the advice gap” and what can be done to close it. For many Independent Financial Advisors (IFAs), the challenge is clear: How do you serve all clients effectively when your time and resources are stretched thin?
That’s exactly where Lifetime Enhance comes in.
Positioned as a progressive solution to an industry-wide issue, Lifetime Enhance empowers IFAs to refer on lower-value clients those with portfolios as low as £10,000 without compromising on service quality. It’s a seamless, FCA-compliant way to ensure every client receives appropriate, ongoing care while enabling advisers to focus on the relationships that drive their business forward. The Enhance service also has a solid commercial agreement for advice firms who want to carve out their lower portfolio value clients, ensuring a long-term solution to growth for all parties.
Andy Wealthhall, Lifetime’s COO, who spoke at the event, said:
“Our current break-even point for servicing a client is around £10,000 pounds worth of investable assets. Will we get lower? Absolutely. What could happen in financial services is very similar to what happened in the travel industry where a variety of tour operators and budget airlines opened up the ability to travel to everybody. But it will only happen in financial services if, as an industry, we make sure every client has access to the service that’s suitable for them at every point in time. If we work together and share ideas, we’ve got a genuine chance of filling the advice gap.”
As Consumer Duty raises the bar on standards, services like Lifetime Enhance are becoming essential, not optional. At NextWealth Live, attendees agreed that bridging the advice gap isn’t just about meeting demand, it’s about finding scalable, client-friendly ways to do it right.
