“With advisers heading up stream towards wealthier clients who are too busy to do things for themselves and who to pay someone to arrange their finances for them – it is not surprising many do not see digital advice as priority,” said FE.
The company explained that the figures reflect the traditional timeline of product adoption whereby you initially have a few innovators in the digital advice market, followed by a minority of early adopters over the next few years. These will then be followed by the majority of advisers.
Meanwhile, 15% of respondents think a step-by-step online investment process in the best way forward, 11% back online video client appointments and 6% are betting on aggregation technology such as Yodlee.
However, 3% of advisers said they were close to launching an automated adviser, while 8% said they would do so in the next six to 12 months. About a third of those polled said they had considered offering the service in the future but had no immediate plans.
FE said that of those planning a robo offering, 23% favoured a system developed in-house, 26% preferred one bought from an independent software or data provider, with 29% wanting a white-labelled provider version.