True Potential, a financial services and technology organisation, undertook research on the phenomenon of robo advisors and what some hail as the end of face-to-face advice. They found that amongst those seeking financial advice, 61% of 16,000 consumers surveyed would still choose face-to-face professional advice compared to 32% who would opt for a digital advisory service. Advisers themselves also think their role will become more important, despite the rise of robo-advice.
True Potential observed that 80% of 800 financial advisers polled at its recent conference in Manchester, England, were not fearful of robo-advice and expect clients to want a combination of digital services and face-face advice.
However, the under-35s are more likely to turn to digital services for advice, adding that of the 16,000 consumers surveyed, more than 90% of 16-24 year olds owned a smartphone, meaning “advisers must make sure they can capture tomorrow’s clients” said Daniel Harrison, senior partner at True Potential.
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