Foster Denovo has developed a new digital tool that aims to make financial advice more accessible by bridging the “advice gap”.

The firm argued that traditional financial advice was out of reach for most people, and its new platform MyAdvicePlace (MAP) aims to address this.

It will provide personalised and regulated financial advice on areas including saving, investing, income protection, and retirement.

Users will have their own unique financial MAP that is protected by regulation, and a personal contact from Foster Denovo’s roster of financial advisers to discuss plans and recommendations.

Foster Denovo said that conventional advice models typically start in the hundreds of pounds with ongoing charges potentially pushing it into thousands, which puts them out of reach for many people.

According to the Financial Conduct Authority, just under one in 10 people in the UK pay for advice.

Research conducted among 20 to 50 year olds earning between £15,000 and £100,000 found that 53% would be interested in a digital alternative.

Furthermore, nearly two-thirds (64%) believed that personalised digital financial advice would eventually become the norm.

“The advice gap – or chasm, frankly – is robbing too many people of the peace of mind we know professional financial advice provides,” commented Foster Denovo chief operating officer, Helen Lovett.

“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.”

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