Misnomer: Why the term 'robo-advice' is getting it all wrong

12 Jul 2016

Robo-advice has been so wrongly defined that many advisers don’t recognise the opportunities available to them if they tap into huge technological advances, writes Richard Ardron

At a recent conference I attended, advisers were asked, “What is the biggest opportunity to your business?” The options were under the categories of markets, products, legislation, consumers and technology.

Almost half (49%) said that the single biggest opportunity for their business was changing consumer behaviour, with the advent of ‘robo-advice’ barely registering (3.5%).

So, there you have it, robo-advice has no place in today’s (or tomorrow’s) advisory businesses. Or does it?

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