Advisers Turn to Technology to Meet FCA's Consumer Duty - Money Alive Office Celebrates Record Usage!

Consumer Duty
2m read
Mar 2024
Aaron Coates
Chief Product Officer

The FCA's Consumer Duty has placed a greater emphasis on how advisers communicate with their clients. The focus is on clarity, engagement, and ensuring clients genuinely understand and make fully informed financial decisions. At Money Alive, we're seeing this development first-hand as advisers' usage of our Money Alive Office product reaches record highs.

February 2024: A Milestone Month

In February 2024, Money Alive Office experienced its highest-ever usage. Advisers distributed over 12,500 videos – double the figures over the same period last year. This surge demonstrates the commitment of advisers to provide clients with the best possible understanding experience, aligning perfectly with the FCA's vision.

Why the Focus on Video Communication?

  • Enhanced Engagement: Video breaks down complex financial topics in a visually appealing and easy-to-understand format. This keeps clients engaged and improves their comprehension compared to traditional text-based materials.
  • Accessibility and vulnerability: Money Alive videos are designed with accessibility in mind, ensuring that clients with varying needs can effectively access the information. They are easy to share with loved ones/trusted friends too. 
  • Measurable Understanding: Money Alive Office tracks whether clients watched and understood each video chapter, allowing advisers to forensically address any areas where clients don’t understand a particular topic,

Key Areas of Client Interest

Our data highlights a growing focus on Equity Release and Pension Drawdown. Advisers are using Money Alive Office to guide clients through these critical retirement planning decisions. In response, we are actively developing new box sets on topics like Investment Risk and Sustainability. This will ensure that Money Alive Office becomes an even more comprehensive solution for addressing key areas of financial advice.

About Our Product

Money Alive Office provides advisers with a suite of expert-written, visually engaging video box sets. These cover essential topics including:

  • Final Salary Pensions
  • Pension Drawdown
  • Guaranteed Income (Annuities)
  • State Pension
  • Protection
  • And many more!

Our videos and viewer experience incorporate behavioural insights from the FCA's "Smarter Communications" guidelines.

The Benefits for Advisers

  • Save Time: Our videos streamline the client education process through pre-meeting preparation.
  • Reduce Risk: Improve client understanding and document engagement & understanding - invaluable for Consumer Duty compliance.
  • Demonstrate Value: Visually appealing and informative content showcases the value of professional advice.

We're Here to Help

At Money Alive, we are committed to supporting advisers navigate the evolving regulatory landscape. If you're exploring ways to enhance client communication and meet the standards of the FCA's Consumer Duty, we invite you to explore Money Alive Office.

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