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Dinosaur financial advisors face extinction

A new exhibition has opened at The Dinosaur Museum on Britain’s Jurassic Coast that displays independent financial advisors with shiny suits, briefcases and chunky calculators alongside Tyrannosaurs, Triceratops and Velociraptors.

The exhibition is sponsored by Beagle Street, an online life insurance company that aims to transform the market by offering an alternative to the traditional way of buying life insurance. It follows research that nearly half (46%) of British adults think that independent financial advisors over-complicate the industry.

Placards at the exhibition read:

‘Independent Financial Advisors were a complex group of animals that first appeared in the pre-internet age. They were the dominant terrestrial financial advisors in a world where financial products were so complicated an entire industry was created just to explain them. The birth of Beagle Street, an online life insurance company, that offered simple, friendly and affordable service led to the extinction of most Independent Financial Advisors by the end of 2014.’

Matthew Gledhill, Managing Director of Beagle Street, commented:

“It cannot be right that a financial service has become so complicated that over the last twenty years a separate industry of advisors has grown up just to explain it. We aim to shake up the market by using technology to offer a simple, friendly and affordable way to get life insurance, which we hope will make the old bureaucratic approach extinct.

“There has been a chronic lack of innovation in the life insurance market, which we believe under-serves its customers. Beagle Street is for people who want cover, but are currently put off by the complication, impersonal and expensive service traditional life insurance companies offer. Our technology enables us to strip out the meetings, medicals and middlemen to make the process of buying life insurance as simple and affordable as possible.”

More information can be found on Beagle Street’s Facebook page (www.facebook.com/BeagleStreet).

This was posted in Bdaily's Members' News section by Sarah .