75% of advisers say robo-advice can close advice gap

Written by Oliver Wade

A majority of advisers (75%) are becoming increasingly convinced that robo-advice can help close the advice gap, exclusive research from Prudential has revealed.

Prudential has been tracking advisers’ attitude towards robo-advice since 2016 and, since then, the percentage of advisers that feel robo-advice can contribute towards closing the advice gap has rocketed from 17%.

The firm’s 2018 Adviser Barometer found that nearly half (49%) of firms intend to offer robo solutions alongside traditional services within the next year, with about 56% of advisory firms believing robo-advice can help grow their business.

The barometer in 2017 illustrated that 41% of advisers planned to launch robo solutions, whereas that figure has now climbed to 48.5%. Furthermore, 55.5% of advisers claim that robo-advice will actually help their business grow, compared with 49% last year.

Commenting on the figures, Prudential business development manager Kirsty Anderson said: “The growing acceptance of the important role that robo-advice can play in tackling the advice gap and increasing business for adviser firms is striking.

“views are changing repaidly as advisers recognise how to adapt and integrate technology to complement the value of the bespoke advice they already offer. It is partly driven by making the best use of advisers’ time and expertise. They are increasingly dealing with a wide range of other important issues in addition to the main job of providing advice.”

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