Robo-advice should be embraced by advisers as a complementary tool to help them - and not a threat - according to chief executive of the Personal Finance Society Keith Richards.
Speaking at the regulator's second robo-advice exploration day, Richards said automated services will form a key part in bridging the affordability and accessibility gap created after advisers moved upmarket following the Retail Distribution Review (RDR). He said advisers needed to focus more on quantity not just on quality, and should adapt their models to ones "more appropriate" for the needs of their clients. Richards said: "There are different perceptions of what robo-advice is and whether it's a threat [to regular advice] or complimentary. "[To me] it's complimentary rather th...
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