Majority of financial advisers are in agreement that a combination of traditional and modern methods should be used in order for the financial industry to have a brighter future. One of the examples of tech in the finance sector is the Plenty Wealth portal which allows clients to hire a financial advisor online.
Based on the latest survey, three in every four or 76 per cent of advisers said that they are already waiting for the rise of a hybrid model which will greatly influence the financial sector. The study was conducted by Octopus Investments under the Octopus Group. There are a total of 225 financial advisers from the United Kingdom that participated in the study regarding the advice market of the nation.
Around 81 per cent of those that participated believe that the following generations will have to use robotics in order to fulfill their duties as financial advisers. Another 74 per cent admitted that they are using online tech in order to get financial advice. This has become such as norm among younger generations who are looking for financial advice for their future.
The advisers are also acknowledging the benefits because 44 per cent of them said that technology might be helpful for them to focus on more pressing matters and giving quality service to clients. On the other hand, 36 per cent said that it might trigger more competition in the industry.
The number of those who are opposed with the idea is quite low. Thirteen per cent said the use of robotics for advice giving will take away the main goal of why clients are meeting face-to-face with their financial advisers. Eleven per cent said that they are not providing consumers with a customized service while the remaining 7 per cent said that there is no guarantee when it comes to profiling.
A financial expert said that the habits of investors are no longer the same. In agreement with this observation are the financial advisers in Plenty Wealth as the latest generation starts to take over in the industry. The means of communications preferred by millennials are different from the generation before them yet despite it all, they also treasure human interaction.