The financial services industry has long been fixated on one thing—selling products. Providers, advisers, regulators, the financial press, and even emerging AI agents all seem to be caught in the same endless cycle: product, product, product. No matter how much they talk about helping people, it always comes back to selling something.
Providers can’t just offer support—they need to push their latest pension, investment, or insurance product. Financial advisers must justify their fees by linking their service to a product sale. Regulators define the value of advice as the recommendation of a specific product. And the financial press? They just echo the same narrative: providers sell products, advisers sell products, regulators regulate the sale of products, and now AI agents and robo-advisers are being programmed to do the same.
This creates a deafening wall of product sales noise.
The Great Misdirection: ‘People Just Want to Be Told the Answer’
The industry justifies this approach by claiming that the public simply wants to be told what to do: “This is the right choice for you!” Yet, when experts give real-world examples of advice, they often provide general guidance like, “This is the most tax-efficient way to decumulate in your circumstances.” Notice what’s missing? A specific product.
That’s not product-specific advice—that’s generic advice. And here’s the reality:
- Regulators don’t regulate generic advice.
- Providers don’t get paid on generic advice.
- Financial advisers don’t earn fees on generic advice.
This is why the industry has been so slow to embrace true, unconflicted guidance. There’s no financial incentive in it.
The AI ‘Free Advice’ Myth
Now, AI and robo-advice are being touted as the solution. Providers claim AI agents can deliver ‘free recommendations’ at scale. But there’s a problem—if these AI tools are recommending specific products and the provider is taking a cut, it’s not free.
Labelling it as such is misleading. The regulator will inevitably have a problem with this, just as they have in the past when ‘free’ guidance has been tied to hidden commissions or incentives.
The End of Product Intermediaries?
The financial industry is built on information asymmetry—historically, advisers and providers knew more than consumers, which justified their role as intermediaries. But we’re now in an age where information is abundant and accessible. The rise of independent, unconflicted consumer guidance services—such as Which? Money, Moneybox, MoneySavingExpert, and MaPS—means that everyday people have access to unbiased insights like never before.
Consumers can now research, compare, and choose financial solutions without the need for a product intermediary. And that’s just as well because adviser thresholds have been pushed so high that retail clients are often left without access to traditional financial advice.
A New Path: Transparency, Education, and Empowerment
It’s time for the industry to embrace a different approach. Instead of seeing people as passive consumers who need to be sold to, let’s empower them to make informed financial decisions on their own terms. That means:
- Separating guidance from product sales – ensuring people can access high-quality financial education without being pressured into a purchase.
- Encouraging generic, independent advice – helping consumers understand their options without steering them towards a specific provider.
- Promoting transparency in AI-driven services – making sure consumers know when AI ‘recommendations’ are actually just product sales in disguise.
The future of financial services does not need to be a product sales machine. Instead, it can be a space where people are equipped with knowledge, confidence, and real choice.
Let’s break the cycle. Let’s move beyond the sales pitch. Let’s give people the power to plan their own financial futures—without strings attached.
Academy of Life Planning 