"Increase in D2C robo advisers and the publicity surrounding them is having an impact and many advisers are waking up to the threats and opportunities offered by the digital route"
When asked ‘what is the biggest threat to your business today?’, 'robo advice’ and ‘large product providers going direct’ were both cited by 37% of advisers.
These were followed by ‘general image of IFAs’ (14%, down from 29% in 2015), ‘other financial advisers’ (7%) and ‘banks/building societies’ (4%).
When asked ‘how much time do you spend thinking about the digital challenges of the future for your business?’, one in five (21%) said they spend a lot of time, with just over a third (39%) spending a ‘fair bit of time’ and around a third (34%) spending ‘some time’. Only 6% spend ‘very little time’.
Nick Eatock, Intelliflo’s Executive Chairman, commented: “It’s interesting to see how much time advisers say they are putting into thinking about the digital challenges of the future. Undoubtedly the increase in D2C robo advisers and the publicity surrounding them is having an impact and many advisers are waking up to the threats and opportunities offered by the digital route to business. We are seeing a marked increase in take-up for our automated advice service, with progressive advisers keen to offer this option where full fat advice is not economically appropriate for certain clients.”
