Increased automation of financial services shouldn’t be a concern for advisers according to a new study out of the US.
An MDRT survey reveals 56% of consumers see several advantages of working with an adviser, including the opportunity to build trusting relationships (66%), ease of communication (65%), and high levels of human interaction (49%).
Authors of the study say few people are worried about working with an adviser, although some expressed concern about personal or financial security breaches (37%), the accuracy of financial assessments (35%), and the response time of advisers (32%).
MDRT President Randy Scritchfield says that with the digitisation of the profession accelerating, advisers must learn to adapt.
More than half (52%) of those who took part in the survey expect face-to-face meetings to be reduced by half, with the balance held virtually.
In addition, 68% of respondents say they use social media to research financial products. Facebook led the pack, with 37% of people using it to learn about finance, followed by YouTube (35%), and Instagram (29%).
“Many financial advisers are rightfully concerned about financial misinformation clients might see on social media,” says MDRT Second Vice President Greg Gagne.
“Educating clients about financial misinformation and scams can increase their digital literacy and your own credibility as a financial adviser.”