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Eight out of 10 advisers embrace robo-advice

Eight out of 10 advisers embrace robo-advice

Most financial advisers are not fearful about the emergence of robo-advice, according to a survey held at the True Potential conference.

At the Manchester conference 80 per cent of the 800 attendees said robo-advice was an opportunity and expected clients to demand a hybrid model.

It comes as True Potential unveiled a range of updates to help advisers offer value to their clients.

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True Potential senior partner Daniel Harrison said: “Fears that robo-advice could signal the end of face-to-face advice are overblown.

“Instead, what will emerge is a hybrid model where clients want the best of both worlds.

“The future of advice will see clients use technology such as impulseSave to manage smaller transactions on their own but turn to their adviser to help with long-term, ‘life goals’.

“The key to bridging the gap is technology that enables advisers to seize the opportunity to be both digital and traditional.”

The company has launched Quick-invest, which allows clients to invest in True Potential’s Isa, pension and genral investment account while on the go, and Scheduled impulseSave. which is aimed at encouraging savers to create a habit of making small top-up savings.

True Potential has also launched an Apple Watch app for advised clients, which will allow them to manage their money and make top-up investments.

Research by True Potential showed one in four adults has a financial adviser while 61 per cent of adults would choose face-to-face professional advice compared with 32 per cent who would opt for a digital advisory service.

Yesterday (28 January) True Potential announced a “significant” investment from US private equity firm FTV Capital.

Based in Newcastle, True Potential was last year ranked in Deloitte’s UK Technology Fast 50 of the fastest growing technology companies in the country.