Consumers still favouring face-to-face financial advice

Face-to-face advice for financial planning is still being preferred to robo-solutions, despite a surge in the robo-solutions market, according to new research by Openwork.

One of the UK’s largest financial advice networks has carried out a study – which surveyed consumers’ opinions towards financial advice – and revealed that 71% have concerns that robo-advice may not be entirely appropriate for their financial needs.

Whilst robo-advisers are providing an increasingly advanced, low-cost option for accessing financial advice, almost three-quarters of those surveyed said they would still prefer to receive advice face-to-face on their finances.

Openwork did find many younger people, however, are more supportive of robo-solutions – with 44% of under-25s having no concerns that robo-advice may not be appropriate for their financial needs.

Openwork director of learning and acquisition, Claire Limon, commented: “It is clear that robo-solutions are becoming increasingly advanced. However, consumers are still unsure if it is right for their financial needs and do not feel that it can substitute human interaction, speaking with a qualified and experienced adviser, and supported by a network like Openwork.

“There is strong demand for face-face-advice, and Openwork is committed to increasing the number of advisers in the UK from as diverse a talent pool as possible.”

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