Can robo advice help restore trust?
Good financial planners will use robo advice to improve their relationships with clients, according to the chairman of Deloitte's Innovation Council, Peter Williams.
Addressing Money Management's Platforms and Wraps Conference at Magenta Shores, Williams said the advent of robo advice could prove useful as the advice industry sought to move beyond the scandals which had beset the industry and the doubt that had been created in the minds of consumers.
He said one of the greatest challenges confronting the advice sector had been the erosion of trust and this was something that needed to be overcome in circumstances where those approaching retirement were needing good advice but had been spooked by all the adverse reports.
"In those circumstances and give the choice between trusting a planner or a robot they may choose to trust the robot," Williams said.
He said in those circumstances really outstanding planners would utilise robo advice," he said.
However, Williams said that robo advice was really algorithmic advice which had been moved out of the back office and made available to clients.
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