Despite a surge in robo solutions in the market, research for Openwork shows face-to-face advice still wins when it comes to financial planning.
The study, which surveyed consumers’ opinions towards financial advice, revealed that 71% have concerns that robo advice may not be entirely appropriate for their financial needs.
Despite robo-advisers providing an increasingly advanced, low-cost option for accessing financial advice, nearly three quarters (73%) of those asked would prefer to receive face-to-face advice on their finances. This shows there is a clear preference for human interaction when receiving financial advice and, with the demand for advice increasing, there are huge opportunities to pursue a career in this industry, providing clients with face to face advice.
However younger people are more supportive of robo-solutions, with more than two out of five (44%) under- 25s having no concerns that robo-advice may not be appropriate for their financial needs.
Our Director of Learning and Acquisition Claire Limon, said: “It is clear that robo-solutions are becoming increasingly advanced. However, consumers are still unsure if it is right for their financial needs and do not feel that it can substitute human interaction, speaking with a qualified and experienced adviser and supported by a network like Openwork.
“There is strong demand for face-face-advice and Openwork is committed to increasing the number of advisers in the UK from as diverse a talent pool as possible. Our Openwork Academy programme welcomes people from all walks of life to pursue a career in financial advice.”
We launched our market-leading Academy in 2014, which has now trained and qualified more than 104 advisers and is now being expanded as we focus on increasing access to financial advice across the UK in response to growing demand. It has welcomed 106 trainees to the scheme so far this year and has also increased the number of training centres to three with courses currently available in Swindon, London, Leeds and Newcastle.