Half of advisers doubt tech will help close advice gap - research

The use of technology, with robo-advice at the forefront, has been pushed by proponents as a workable solution to providing mass-market advice at affordable levels.

However, the survey of 207 advisers revealed almost half doubt technology would ever actually close the gap.

However, the adviser survey found 29% thought cash-flow modelling tools would make the most difference to addressing the problem.

The robo-advice or self-service route however was less popular with 10% of adviser participants who said it does have a role to play in mass-market advice.

 

VitalityInvest deputy chief executive Justin Taurog said advisers could operate more efficiently if they adopted the right technology.

"The right technology has the potential to significantly streamline advisers' administrative processes, freeing up time for them to focus on the areas where they can add most value - namely offering bespoke, relevant advice."

LightBlueUK owner Mark Dennison said that advisers see the "full-scale application of technology as a potential threat" to their existing business models.

"Technology can help advisers deliver more profitable services to more clients, including the next generation of investors, but there is some way to go before the wider adviser community embrace this opportunity for their business."

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