The study, which surveyed consumers’ opinions towards financial advice, revealed that 71% have concerns that robo-advice may not be entirely appropriate for their financial needs.
Despite robo-advisers providing an increasingly advanced, low-cost option for accessing financial advice, nearly three quarters (73%) of those asked would prefer to receive face-to-face advice on their finances. This shows there is a clear preference for human interaction when receiving financial advice and, with the demand for advice increasing, there are huge opportunities to pursue a career in this industry, providing clients with face to face advice.
However younger people are more supportive of robo-solutions, with more than two out of five (44%) under- 25s having no concerns that robo-advice may not be appropriate for their financial needs.
Claire Limon, director of learning and acquisition at Openwork, said:
“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. Our Openwork Academy programme welcomes people from all walks of life to pursue a career in financial advice.”
