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Advisers face further pressure from automation
Advisers face further pressure from automation
Advisers will continue to be challenged by automated advice solutions and online tools as consumers increasingly question the value of traditional advice, says Besure Financial Network.
Daniel Ashby, director of Besure Financial Network, said advisers will need to compete with technology-enabled advice and not vice versa.
"Technology and innovation, I think, is going to blindside a lot of the industry in how quickly it explodes onto the scene," he said.
"If you can't show that you can offer professional and strategic advice as an ongoing contribution to a client's ongoing journey to achieve whatever goals they're trying to achieve, you probably won't have a place - you'll be replaced by a button, a toy or a robot."
Mr Ashby, who retired from financial planning to start Besure, argued that consumers have a variety of options when it comes to accessing financial advice, making it far more difficult for traditional advisers to substantiate the value they add.
"Consumers now have choice and are demanding transparency and accountability to results," he said.
Advisers can either align with what people want, adjust the way they give service, look at areas where value is not being delivered or risk being disrupted.
Mr Ashby said advisers need to change the way they market themselves. He suggested that advisers sell themselves as "wealth professionals" or "risk professionals".
Moreover, to remain relevant, advisers should focus on niche client bases and develop infrastructure that adds value to their service.
Mr Ashby also indicated that advisers should look to diversify their income streams and access new clients by incorporating cloud-based and online tools into their service.
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