next 20 million, and this is the space in which I believe we’ re likely to see meaningful market evolution.
Rather than having two distinct options, self-service or full advice, we will begin to see an entire spectrum of services emerge between those extremes. Some will involve more human interaction, some less. Some will be highly personalised but delivered more efficiently through technology. Others will rely more heavily on automation while retaining adviser oversight.
Looking ahead, we are likely to see models where adviser involvement ranges from 10 % to 90 %, depending on client need, complexity and affordability. Advances in technology will enable clients to complete more of the administrative and information-gathering stages themselves, including providing personal and financial details, defining objectives, and completing preliminary assessments, before an adviser becomes involved at the point where their expertise adds most value.
For many consumers, this could make advice more accessible and affordable by reducing the amount of adviser time needed to deliver a recommendation. Whilst the adviser will remain responsible for reviewing and signing off the advice, greater client engagement with technology will help create a more efficient, scalable and cost-effective advice process.
This won’ t be about removing the adviser. It will be about using technology to make advice more efficient and accessible.
Where I would urge caution is in assuming consumers want everything to be automated. There is plenty of evidence, both within financial services and beyond, that people continue to value human interaction. In our dayto-day experiences as consumers, many of us still prefer to speak to a person when something is important or complex and financial services is certainly no exception.
ServiceNow’ s recent‘ Consumer Voice Report’ shows that whilst 15 % of UK consumers would trust AI to track down a lost package, just 3 % would feel comfortable with an automated tool taking on the more sensitive task of closing a bank account after the death of a loved one. This is also reflected in research from Trustpilot, in which 61 % of consumers responded they would prefer to speak to a human customer services representative, even if that meant it would take longer for their problem to be resolved.
In my view, there’ s no version of the future in which advice is fully automated. In fact, where regulated advice
" Ultimately, for the benefit of all, the goal should not be to replace advice but to expand its reach."
is concerned, there will always need to be an element of human involvement and accountability. What changes is the proportion of the journey that technology supports.
The existing population of advised clients is unlikely to drive this change. Most people receiving comprehensive ongoing advice today are happy with the service they receive and deeply value the relationship they have with their adviser. For many of them, little is likely to change over the next decade.
There are millions of consumers who currently receive neither full advice nor meaningful support. For them, new models could provide access to services that were previously unavailable or unaffordable. That is where targeted support, simplified advice, and technologyenabled propositions could have a significant impact over time.
Ultimately, for the benefit of all, the goal should not be to replace advice but to expand its reach.
If we can use technology and regulatory innovation to create a wider range of advice models, whilst retaining the human expertise that consumers continue to value, then we have an opportunity to help far more people achieve better financial outcomes than is currently possible.
Want to know more?
Tom Hegarty will be sharing further insights at the Festival of Finance in Birmingham on 29th September. Don ' t miss the opportunity to hear from him in person.
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September 2026 | 7