Robo-Advice – Friend or Foe?


The impending arrival of robo-advice represents an opportunity for my advice business; not a threat

  • Agree (50%)
  • Disagree (43%)
  • Not sure yet (7%)

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Our latest poll seeks your views on whether you consider the advent of robo-advice to be a potential friend or foe for your business.

One of our stories this week reports robo-advice is set to become a channel that will create a new source of demand from consumers for financial advice (see: Robo-advice to Channel Business…).

It’s argued that robo-advice can assist existing advice businesses, should they wish to utilise its potential, to:

  • Generate new clients for advisers
  • Perform ‘pre-work’ before an adviser conversation

Do you support this proposition?

In the same article, Kiwi Wealth’s Joe Bishop says robo-advice certainly has a place within risk-focussed businesses:

“I absolutely believe that there is a path for risk products within robo-advice…What it requires is advisers to recognise and embrace this – not to see it as a challenge, not to see it as a threat but to see it as an opportunity.”

Do you agree with Bishop’s contention that robo-advice will be good for your business – risk focussed or otherwise? Or do you think that this may be the thin end of the wedge? Will the coming of robo-advice force you to reconsider how you add value for your clients?

Tell us what you think and we’ll report back next week.