FinTech startup Nucoro has revealed that most people in the UK would be forced to invest a minimum of £67,625 before seeking support from a financial adviser.
Having surveyed 1,028 UK retail investors in August 2019, Nucoro found that 11% believed they had to invest less than £5,000 before seeking the advice of financial advisers.
For 12%, that number was between £5,000 and £10,000. Moreover, 14% said they had to invest between £10,000 and £25,000, 18% said they had to invest between £25,000 and £50,000, and 17% said that number was between £50,000 and £100,000. For some 28% of retail investors, the sum is over £100,000.
Yet, while 28% believed they could get the best return on their investment from an independent financial adviser, 27% thought that they could achieve the best returns if they managed the money themselves.
Nikolai Hack, COO at Nucoro, said: “Our research shows strong demand for financial advice when it comes to people managing their investments. However, the growing regulatory and compliance costs means that some financial advisers are having to insist on larger minimum levels of investments from investors before agreeing to take them on as clients.
“By outsourcing much of their technological and digital requirements to a specialist third party like us, wealth managers can not only reduce their costs but also improve their levels of efficiency and service, enabling them to take on more clients.”
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