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More about Digital Advice

How do I get started with digital advice?

First of all, what are your goals? Remember: your financial goals are also your life goals. So it makes sense to plan your finances by your life stage. Whether you're looking to save for a mortgage, get your private pension in order, or transition to retirement, digital advice can help you make better financial decisions for yourself and your loved ones.

Who can benefit the most from digital financial advice?

If you're new to investing or have a smaller investment pot, digital financial advice may be a better option compared to traditional advice. For the latter, you'll usually need to have a substantial portfolio already (often £50-100k+). If you’re happy to outsource your decision-making and would like some affordable advice to help you plan for retirement, the digital model may also be more appropriate for you. 

Believe it or not, some people say they prefer the digital option because they don't have to worry about dressing up or finding somewhere to park before they meet with their financial adviser! 

Check out our Digital Advice table here to find the right provider for your needs.

Who might benefit more from traditional advice?

If you need specialist advice for inheritance tax planning, or prefer to have an ongoing relationship with an individual, traditional financial advice may be more appropriate for you. Many providers offer traditional and digital financial advice, and you may also be able to choose a hybrid model (a mixture of both).

What's the difference between digital advice and financial coaching?

With digital advice, a financial adviser can make personalised recommendations on how to achieve a financial goal, like how to earn a minimum retirement income at a particular age. A financial coach, however, cannot give you recommendations; they can only suggest ideas on how to get better at budgeting and making financial decisions in general.

What types of digital advice can I choose from?

Online Digital Advice

  • Typically lower-cost and almost exclusively delivered online, online digital advice is ideal if:

  • You’re a cash saver starting your financial journeys

  • You want a ready-made investment ISA which has been put together by experts behind the scenes.

If you’re a cash saver or looking for general financial advice and tips, try OpenMoney.

For investment advice, try Barclays (for customers), Moneyfarm or Santander (for customers).

Hybrid digital advice

Typically aimed at those with assets nearing £50,000 or more, hybrid digital advice blends modern tech with good old humans. It’s often focussed on retirement planning or working through the muddle of switching from your salary to a pension income. Hybrid digital advice is a nice solution if you can't afford or simply don’t want the full traditional (and pricier) service.

  • If you're saving and planning for retirement, or just looking for some general financial planning advice – look at Vanguard.

If you're approaching retirement, consider abrdn (formerly Standard Life) or HUB