Advisers have switched from being worried about the threat of robo-advice to having concerns large providers are trying to sell direct to their clients, according to a poll by technology firm Intelliflo.
A survey at the technology firm’s recent conferences in London and Manchester, attended by 700 advisers in total, also found almost two thirds of advisers do not want a British exit from the European Union referendum, compared with 37 per cent who opted for leaving.
Around two fifths of advisers told Intelliflo they saw large providers going direct to clients as the biggest threat to their businesses.
This represents a marked change from the same poll last year, which showed robo-advice to be the biggest threat - in fact this year only a fifth of advisers said it was their number one concern.
Nick Eatock, Intelliflo’s executive chairman, said: “It is clear that the fear that robo-advice might take away business has subsided as advisers have gained a better understanding of what it is, how it works and where the opportunities for them lie in harnessing auto advice to enhance their own businesses.”
Mr Eatock is one of a growing number of voices saying advisers should embrace technology rather than fear it, telling the same conference that Intelliflo’s own robo-advice service would allow advisers to tap into a market which can’t currently afford advice.
David Thompson, the managing director of marketing and proposition at Axa Wealth, also recently said embracing robo-advice could free up time to service clients who need personal interaction.
Meanwhile PwC found high-net-worth individuals increasingly value a good digital offering from their adviser.
Adviser View
Chris Foster, a financial adviser with Lancashire-based Pennines IFA, said: “We add value to the relationship so I don’t see it as a threat and robo-advice is just for someone who wants to invest.
“For me providers spending millions on advertising is going to result in more money for everyone because it might encourage people to knock on our doors.”
damian.fantato@ft.com
