New comparison websites for financial advice will begin to emerge and then dominate the mass market in the next few years, a Financial Planner has predicted, as he launched his new online business.
Sites known as aggregators, which compare numerous services and deals in sectors such as insurance, have become large businesses in recent years.
Keith Churchouse CFPCM believes financial advice will be the next sector to become part of this trend.
Mr Churchouse is launching SaidSo, which will be eventually become an aggregator itself.
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The online service, offering a full Financial Planning report for a set fee, follows an unsuccessful attempt at an online advice firm - Advice Made Simple - in 2006.
He said the timing had been wrong then but is right now.
In the post RDR world, with banks shying away from the advice sector and the numbers of advisers falling before RDR came in, Mr Churchouse said there was a void to fill.
Mr Churchouse, director and founder of Surrey-based Chapters Financial, told Financial Planner Online: "People know no other way, it has become the norm to use the internet.
"The reality of the situation is that access to high quality, clear and transparent advice is becoming more limited.
"Fully fledged non face-to-face online advice is now viable and is a reality which will come to fruition over the next five years.
"There will be a proliferation of the middle to mass market being provided by aggregators for financial advice, as is the case with insurance now.
"SaidSo will become a financial advice aggregator sometime in future.
"I think we're within 24 months of these aggregator sites and that's why we wanted to be first in the market."
He said Financial Planning is no more exempt from change than any other profession.
He said: "In 20 years Financial Planning might have to change. You could argue that in a way we are an industry that has resisted this change for far too long and now is time to make that change.
"There'll be the naysayers who say it won't work. It will work, it's just a question of who is at the helm."
He said there would always be the top 10-15% of earners who can afford and want a more personalised, traditional style of Financial Planning, with face-to-face meetings with a human planner. But he stressed there is a gap that needs filling.
He said there were "always one or two dinosaurs who don't want to change" but said most were "on-board with the concept".
He said: "The worst scenario is that people never engage with Financial Planning whatsoever."
A SaidSo customer will provide information via the website and pay £299 for a report which will be prepared over a 10 day period by the Chapters Financial team.
The feedback to the client will include recommendations, including providers and which funds to invest in.
If they decide to proceed, SaidSo will charge a flat fee of £159 to implement it. An annual review would then cost £129.  

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