The need for generic financial advice to impede poverty

The fact that giving free generic financial advice is an unappealing commercial prospect for the ind...

The fact that giving free generic financial advice is an unappealing commercial prospect for the industry - as revealed in the Resolution Foundation's latest report - is no great surprise given basic profit principles. Generic advice is defined as impartial and non-regulated, helping people to understand their financial circumstances, the choices available to them and how to take action to address their priorities. As it will typically not extend to specific product recommendations, there is a limited potential revenue stream and the industry understandably has little commercial appetite ...