Charles Stanley Direct has launched a service that will allow people to pick up the phone to a financial adviser in a move to close the advice gap.
The service, called OneStep Financial Coaching, provides a free 15-minute call with a qualified financial planner to answer questions about personal finances.
Those who would like a more in-depth discussion will be offered a one-hour coaching session via video call at a fixed cost of £150.
Lisa Caplan, director of OneStep Financial Planning at Charles Stanley, said: “Sometimes you just want to talk to somebody, but people don’t know where to start or who to turn to.
“‘Bots’ like ChatGPT, finfluencers and Google can get you so far but it’s not personal, you can’t be sure who to trust and you don’t always get all the options.
“Getting the right information about financial questions should be easy, and we hope that this service will mean fewer people fall through the gap, and more can get the help they need to make confident decisions that set them up for life.”
There are 12.2mn adults in the UK who fall into the so-called ‘advice-gap’ - the gap between those that pay for advice and those that want it - and 68 per cent of people that fall within this gap are using do-it-yourself investment platforms without any guidance.
Charles Stanley said its new coaching service aims to help people make confident decisions by providing them with access to the guidance they need.
Experts will answer money-related questions to help people save and invest without falling foul of common mistakes.
The types of questions that the service can provide guidance on includes good financial habits, such as budgeting; understanding financial products, such as Isas and Sipps; getting started with investing; and teeing up for retirement.
John Porteous, managing director of Central Financial Services at Charles Stanley, said the OneStep family builds on the firm's “expertise in offering personal advice and guidance”.
“This is part of our commitment to help address the advice gap in the UK - by using cost-effective tech solutions without losing the human touch,” he said.
A OneStep coach will be offered to all new Charles Stanley Direct customers on sign-up to the platform.
sonia.rach@ft.com
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