It is important to note, however, that this focus on adviser-led distribution comes hand in hand with a desire on the part of Aberdeen to bolster its technological capabilities. It is not one or the other, it needs to be both.
As Parmenion’s head of distribution, Richard Goodall told Portfolio Adviser recently: “There is a lot of emotive language in the market at the moment when it comes to financial technology, which doesn’t lend itself to greater integration. Technology needs to be seen less as a threat to the industry and more as the next evolution of financial advice.”
And, one could argue this is slowly beginning to happen. As Towry’s COO, Dave Percy, remarked earlier this week on the announcement of its new online portal: “It’s undeniable that digital technologies are reshaping the way that consumers engage with their finances and that the industry must adapt to take advantage of this shift.”
As with any evolution there are going to be those species that don’t quite make it. But, at the same time new species will grow to fill the gaps.
In this instance as many wealth managers and advisers have moved up the wealth spectrum as a result of cost and regulation so a gap has opened up in the mass market that is now ever more in need of advice.
A gap robo-advice is looking to fill. But, just because a gap is opening up, doesn’t mean all the other species have to die out, they just need to ensure they too continue to evolve.
