If you are of a younger generation by which I mean a Millennial (Generation Y), roughly aged under 40, or younger e.g. Generation Z, the generation before Millennials, you probably don’t have a financial adviser nor do you feel a need for one.


In my experience, most younger people are comfortable with using apps on their devices or low-cost online stockbrokers to buy investments or pensions these days.  Few, if any of them, choose to appoint a financial adviser, especially an Independent Financial Adviser.  The most professionally qualified financial planners, such as Chartered or Certified Financial Planners still tend to focus on the Baby Boomer generation of 55+ year olds anyway.  Most MIllennials probably could not afford to pay for the service of these high-quality advisers in any case.





So an advice gap has occurred in financial planning.  It has been estimated that less than 10% of the population has a financial adviser.


The problem is that up until now the younger generations haven’t been able to access proper financial planning advice but they have been able to buy financial products cheaply on various apps such as Nutmeg and Moneybox. 


The problem is the apps do not offer financial planning other than on a very superficial level.  


However, things are beginning to change.  Disruption is occurring in financial planning.  A plethora of alternative, low-cost financial planning services is going to come to market over the next few years.  New low-cost models will disrupt traditional Independent Financial Adviser models by offering a combination of automated online tools backed up by remote human financial advisers to deliver financial planning at a fraction of the cost.





One of the first such tools to have been launched is HapNav which is an abbreviation for Happiness Navigator.  This is the world’s first end-user financial application with open banking inside.  


What this means is that for the first time an individual can use a financial planning tool with up to date feeds from Internet banking and online investments.  Prior to the launch of HapNav individuals could only access cash flow planning from an adviser though they could, and can,  use personal finance apps with Internet feeds.


This is a step in the right direction but it isn’t the complete answer.  What is still lacking?  Why tax planning of course.  I do believe tax planning will be built into apps later as well.  That will be a real game-changer.


HapNav is available to buy on subscription.  The Academy of Life Planning has a number of life planner members or wealth strategists who can give you non-intermediated financial planning advice in conjunction with HapNav.  They sell financial plans rather than financial products.





So why not contact a wealth strategist for advice?  You know it makes sense.*


*The contents of this blog are for information purposes only and do not constitute individual advice. You should always seek professional advice from a specialist. This blog is based on my own observations and opinions.