Paul Mitchell | Financial and Retirement Planning Coach
Find him here at: Your Smart Retirement Coach
Introduction- Defining The Problem
In recent years, the Financial Conduct Authority (FCA) and numerous research bodies have raised concerns about the growing “financial advice gap” in the UK. That is, a significant number of people who need help with their finances but don’t get it — often because they’re unable or unwilling to pay the high costs of regulated financial advice, or simply can’t find an adviser willing to help them.
If you’re among the many UK savers and future retirees wondering where to turn, this article is for you.
🔍 What Exactly Is the Financial Advice Gap?
The financial advice gap refers to the mismatch between those who need professional financial guidance and those who actually receive it.
According to the FCA:
“Many consumers are not accessing the advice or guidance they need because they find it too expensive, or they feel they don’t have enough money to make it worthwhile.”
Why So Many Fall Into the UK Financial Advice Gap
In short, unless you have £150,000–£250,000 or more in assets, most Independent Financial Advisers (IFAs) are unlikely to take you on as a client.
Why?
Because many advisers rely on percentage-based fees — typically:
- An initial fee of up to 3% of invested assets
- An ongoing service charge of 0.5%–1.5% per annum
For someone with say £250,000 to invest, these costs can quickly outweigh the perceived value. You can “do the math” as they say yourself in this scenario…
👤 So Where Does That Leave the “Average” UK Saver?
It leaves many people with:
- No personalised advice
- Uncertainty around pensions and retirement options
- DIY investing or sticking with default workplace pension settings
- Inaction due to fear or confusion
But these aren’t just financial problems — they’re emotional problems too.
Many people feel anxious, overwhelmed, or stuck. And without clarity, they delay important decisions about when to retire, how much they’ll need, and how to draw down their pensions safely.
🎥 Watch this quick video — I explain how financial coaching can help if you’re struggling to get affordable, independent support for your retirement or investment planning needs. No jargon, no pressure — just practical, professional guidance from someone who’s been there.
🧭 Enter Financial Coaching: A New and Smarter Alternative
Financial coaching isn’t about telling you what fund to buy or which platform to use. That’s what regulated advisers do. Instead, a financial coach helps you:
- Understand your current position
- Set clear financial goals
- Clarify your options around pensions, ISAs, property, and more
- Build confidence to make informed decisions
- Take control of your financial future — on your terms
Most importantly, a good financial coach helps you bridge the knowledge and confidence gap so you can act without fear.
💷 Let’s Talk About Fees: Advice vs Coaching
Let’s compare a typical IFA service and a financial coaching session:
| Type | Financial Adviser | Financial Coach (e.g., me) |
|---|---|---|
| Initial fees | Up to 3% of invested assets | £250 flat fee |
| Ongoing charges | 0.5%–1.5% per year | None — pay as you go |
| Minimum asset threshold | Often £100k–£250k | None |
| Scope | Investment recommendations, product sales, transactional bias. | Clarity, strategy, confidence, information, knowledge |
| Regulated advice | ✅ Yes | ❌ No |
Coaching is particularly useful if:
- You’re not ready to invest yet
- You’re deciding when and how to retire
- You want to feel more confident discussing financial matters
- You want unbiased help without a sales pitch
📉 Real-World Scenarios: Who Is Falling Through the Gaps?
✅ Case 1: Claire, Age 57, Wants to Retire Early
Claire has around £180,000 in pension pots and a mortgage-free home. She’s wondering if she can retire at 60 — or even earlier. Every IFA she contacts tells her she needs at least £250,000 or recommends consolidating and investing through them.
Claire doesn’t want to be sold products. She wants a clear retirement income strategy and to understand how her state pension fits in.
A one-off coaching session helps her:
- Clarify income needs
- Model early retirement options
- Understand pension access rules from age 55/57
- Get peace of mind without paying thousands in fees
✅ Case 2: James and Priya, Age 50, Feel Behind
With £90,000 between them in workplace pensions and some savings, they feel late to the game. They aren’t sure how to catch up or whether their savings will be enough.
Their adviser says: “Come back when you’ve got £200k.”
With coaching, they get:
- A financial health check
- Budgeting and goal planning
- Simple strategies to improve outcomes
🕰️ Coaching Is Especially Valuable Between Age 50 and 67
Most people can access personal pensions from age 55 (rising to 57 from April 2028). But state pension age is moving to 67 by 2028.
That creates a 10–12 year gap where many people would like to retire or reduce working — but don’t know how to fund it.
A coach can help:
- Identify and plan for this gap
- Explore drawdown strategies
- Analyse options without sales pressure
- Reduce risk of “pension panic” or hasty decisions
🧠 What Coaching Is (and Isn’t)
It is:
✅ Personalised
✅ Objective
✅ Affordable
✅ Flexible
✅ Focused on education and empowerment
It’s not:
❌ Tied to investment platforms
❌ Motivated by commissions
❌ Restricted by regulation
❌ Focused on product sales
💬 What Do Clients Say?
“After just one session, I finally understood how my pension works and what I can actually afford to do.”
— David, 62, Manchester
“Paul helped me see the bigger picture — and I felt confident enough to speak to my provider myself.”
— Maya, 54, Kent
💡 Final Thought: You Deserve Clarity
It’s a myth that financial help is only for the wealthy. In reality, those with modest savings or pensions often benefit the most from early guidance, coaching, and clarity.
If you’re unsure whether financial advice is right for you — or if you’ve been turned away — you don’t have to go it alone.
🎯 Take the Next Step
📞 Book your FREE initial no obligation 15-minute discovery call with me now:
👉 https://yoursmartretirementcoach.co.uk/contact
📚 Related Reading
To deepen your understanding, here are three more articles that may interest you
If you’re exploring the value of financial coaching or wondering whether it’s the right fit for you, these articles will deepen your understanding and help you make an informed choice:
- Should UK Investors Hold Gilts in Their Personal Pension and Investment Portfolios?
Explore the pros and cons of holding UK government bonds inside your retirement portfolio. - Before You Speak to a Financial Advisor: Why Coaching Could Be the Smarter First Step
Understand how coaching offers unbiased guidance without the strings attached to traditional advice. - Lifetime Retirement Income Planning: Why It Pays to Think Beyond Age 67
Discover how to build an income strategy that spans from early retirement to later life.
About the Author
Paul Mitchell is a dedicated Financial and Retirement Coach (Qualified To Chartered Financial Planner status) with over 35 years of experience in financial services. Through Your Smart Retirement Coach, he helps clients build confidence in their financial future and create fulfilling retirement lifestyles. As a retirement transition coach, I’m committed to empowering investors with knowledge, perspective, and strategic support.
👉 Book Your Free Consultation Now
Let’s find out if you’re truly ready—and help you get there.
Disclaimer:
This article is for educational purposes only and does not constitute regulated financial advice. Pension and investment rules can change, and their benefits depend on your individual circumstances. Always seek FCA-regulated independent financial advice for specific investment decisions, pension transfers, or product selection. As a retirement coach, I provide strategy and education but refer clients to qualified FCA-regulated advisers when regulated advice is required.
