Ignition and Altus Consulting have launched a blueprint for improving the use of digital capabilities in the financial advice market.
The whitepaper was published in response to the COVID-19 pandemic and looks at how advice firms could engage new and existing clients.
The paper, Reimagining financial advice, explores the notion of “hybrid advice”, which is a method of advice provision where technology could enhance, rather than replace, the work of a financial adviser.
Ignition CEO Europe, Terry Donohoe, said that there are “significant hurdles” to clear before this type of advice becomes the norm.
“We have seen that there is real demand in the UK financial services market for true digital advice, which seamlessly combines technology and human expertise to provide an easy-to-use service that helps customers make better financial decisions,” Donohoe commented.
“As our whitepaper shows, there are still significant hurdles to clear before this model becomes the norm, but we are now closer than ever to revolutionising the advice industry and closing the advice gap.”
Altus consultant, Sam Turner, added: “Despite recent advances in technology, the current UK advice landscape is testament to the fact that pure digital advice remains a challenging proposition to deliver profitably. The initial hype around so-called ‘robo advice’ seems to have cooled and the industry is now turning towards a more hybrid model, which works in various forms to combine digital tools and human expertise.
“The market may well be primed for a significant and lasting digital transformation, but implementing change on this scale is never a straightforward matter and our research has identified a number of key challenges that businesses will need to overcome over the next few years.”
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