Zurich business development director Tony Solomon believes that supermarkets could play a greater role in getting financial services products to lower-net-worth individuals.
A recent Zurich study revealed that 57 per cent of UK adults have never sought independent financial advice. Twenty per cent of respondents say this is because it is too expensive.
Speaking to Money Marketing at the launch of the research last week, Solomon said the industry needs to find different ways of providing for lower-net-worth consumers that many IFAs do not want to cater for.
He said: “There is a swathe of people who are under-provided for in pensions, savings and protection products. Many brokers probably will not be changing their business models to trawl a wider group of lower-demographic clients.”
Solomon said supermarkets have a particularly strong relationship with customers and many already offer some financial services products.
He said: “Some customers have more of a banking relationship with their supermarket than they do with a bank as they take cashback more often with their shopping than they do by going into a bank branch.
“There could be some mechanism whereby people are able to put a bit of money into their savings account at the checkout. It would require the regulator to manage things in a way which is not so onerous and yet manage things in a way that treats customers fairly.”