Most UK advisers unconcerned about robo-advice

Added 14th July 2016

Advisers in the UK do not see the launch of online robo-advice alternatives as a threat to their face-to-face advice business models, research from MetLife shows.

Most UK advisers unconcerned about robo-advice

The MetLife study found 71% of advisers are unconcerned that their business will suffer as technology-led and lower cost alternatives are launched.  

Just 22% of the 104 retirement and investment advisers surveyed believe their business will suffer.

Savers want face-to-face

MetLife’s research of retirement savers shows the potential demand for face-to-face advice remains strong with 36% of adults saying they will look for independent financial advice when planning retirement income.

That figure rises to 44% among savers under the age of 34.

That potential demand could expand even further if advisers can demonstrate how they can help safeguard retirement income more effectively than savers can themselves.

Cost is key

Around two-thirds (63%) of retirement savers said they would consider using a financial adviser if they are convinced that it is cost-effective in guaranteeing retirement income. Around 74% of those aged 25 to 34 said they would use an adviser if they could see the value in terms of their retirement income.

Simon Massey, wealth management director at MetLife UK said: “Robo-advice and digital technology have a major role to play in ensuring savers have as wide a choice as possible of how they get advice.

“Advisers are right to be confident that they can prosper alongside robo-advice as the value of face-to-face independent financial advice is clear and demonstrated by the potential demand from savers.

“What is even more interesting is that savers clearly want increased certainty over retirement income and that demand for advice will rise if advisers can prove how they can safeguard income in retirement. MetLife is committed to supporting advisers in expanding their businesses.”

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About Author

Kirsten Hastings

Senior Reporter

Kirsten is a senior reporter for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry. Kirsten has a Masters in Financial Journalism from the University of Stirling. 

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