Hybrid advice: ‘Gone will be the days of an annual review’

Hybrid advice: ‘Gone will be the days of an annual review’

As hybrid advice dominates the industry, there will be a shift away from the traditional method of an annual review, according to Yasmina Siadatan, sales and marketing director at Dynamic Planner.

Speaking at The Investing and Saving Alliance’s (TISA) annual conference last week (March 16), industry members discussed the impact of data and how the hybrid advice model can help to close the advice gap.

Appearing on the panel, Siadatan said there was 10 years worth of advancement in the past few years due to Covid which has seen an increase in the usage of the firm’s software in the way that it is being deployed remotely.

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“Advisers are now having meetings on Zoom, they're having annual reviews on Zoom, they're using much more politically, our sustainability and risk profiling questionnaires online for example, so we've just seen the stats rise exponentially on that. We've been closely tracking 6,500 users and asking them periodic questions all the way throughout the last couple of years.”

However, she explained that the days where a client has to have an annual review and formal meeting with an adviser will be “gone” in the future. 

Siadatan said: “There's going to be an ‘always on’ financial plan where you'll get a push notification to your phone when your valuations have changed more than 10 per cent. You will get automated advice when it's necessary through brilliant algorithms, yet you will also be able to contact your adviser through secure messaging at a time that suits you.

“For me, hybrid advice is about accessing the 10mn people in the UK that currently need and want financial advice but can't afford it. It's about being able to help those 10mn plus people save and invest for a future reducing the reliance on the state and ultimately bringing financial planning into a world where it's totally accessible for everybody from auto enrolment from your teen years right through to when you're about to retire. 

“That's what hybrid advice is and that's where this industry is absolutely heading.”

Siadatan said that as an industry, the advice space is in a phase of transitioning at the moment as it adjusts.

“There are teams of UX designers globally that are trying to make this stuff really engaging, bringing this data to life in a way that's engaging for the customer and I think that's really exciting for us as an industry," she said.

“Consumer protection is growing globally, demographics show that the ageing population is happening all across the world so hybrid advice and Covid acceleration of it couldn't have come at a better time.”

Continuing this discussion on where the future of hybrid advice is headed, Nick Hall, head of advice at Wealth Wizards, said hybrid offering gives customers guidance and advice but in the digital world that they are used to.