SEARCH
Advisers should incorporate robo-advice, says SSGA
Advisers should incorporate robo-advice, says SSGA
Advisers will benefit from combining traditional financial advice with a robo-advice function, allowing them to grow their market share and provide greater value to clients, according to State Street Global Advisors (SSGA).
In a report entitled Embracing Change as Opportunity, SSGA found that robo-advice allows advisers to meet the changing needs of clients - particularly millennials.
"Older clients are increasingly focused on retirement solutions and the best way to pass their legacy on to the next generation," the report found.
"Meanwhile, that next generation is looking for 'adaption and innovation' from its advisers, including access to the latest technology, innovative products and client-customised solutions."
According to the report, 76 per cent of millennials believe technological advances in providing financial advice will better serve clients in regards to value and cost.
Moreover, 67 per cent of Gen X and 54 per cent of baby boomers also agreed with the above.
"Combining the human touch of an experienced financial adviser with the logic, fee transparency, methodology and accessibility offered by robo-adviser platform can be a powerful combination for an adviser's practice model," said SSGA.
The report said robo-advisers are expected to continue to gain market share among investors with $100,000 and potentially make inroads among investors with accounts between $100,000 and $500,000.
Kevin Quigg, SSGA global head of ETF sales strategy, said the rise of robo-advice should be viewed in a positive light.
"Advisers can leverage efficiencies while enhancing the value of the personal guidance they can deliver," Mr Quigg said.
The report stated: "Advisory firms and their investment professionals may need to embrace new technologies in order to meet clients on their terms."
Subscribe to our Newsletter
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
latest articles
OUR PLATFORMS AND BRANDS
- Accountants Daily
- Accounting Times
- Adviser Innovation
- Australian Aviation
- Cyber Daily
- Defence Connect
- Fintech Business
- HR Leader
- Independent Financial Adviser
- Investment Center
- Investor Daily
- Lawyers Weekly
- Money Management
- Mortgage Business
- Nestegg
- Property Buzz
- Real Estate Business
- Smart Property Investment
- SMSF Adviser
- Space Connect
- Super Review
- The Adviser
- Wellness Daily
- Which Investment Property
- World of Aviation
EVENTS AND SUMMITS
- Accountants Daily 30 Under 30 Awards
- Adviser Innovation Summit
- Australian Accounting Awards
- Australian Aviation Awards
- Australian Broking Awards
- Australian Defence Industry Awards
- Australian Law Awards
- Australian Space Awards
- Australian Space Summit
- Better Business Summit & Awards
- Corporate Counsel Summit & Awards
- Cyber Security Summit & Awards
- Defence Connect Budget Lunch
- Defence Connect DSR Summit
- Fund Manager of the Year Awards
- ifa Excellence Awards
- ifa Future Forum
- Investor Daily ESG Summit
- Lawyers Weekly 30 Under 30 Awards
- Lawyers Weekly Women in Law Forum
- Mortgage Business Awards
- New Broker Academy
- Partner of the Year Awards
- REB Awards
- Reinnovate
- SME Broker Bootcamp
- SMSF Adviser Technical Day
- Super Fund of the Year Awards
- Women in Finance Awards
- Women in Law Awards
- Accountants Daily Podcast Network
- The Adviser Podcast Network
- Australian Aviation Podcast Network
- Defence Connect Podcast Network
- HR Leader Podcast Network
- The ifa Show
- The Lawyers Weekly Show
- Mortgage Business Podcast Network
- REB Podcast Network
- Relative Return
- The Smart Property Investment Show
- Space Connect Podcast
PODCASTS
LEARNING AND EDUCATION
MOMENTUM MARKETS NETWORK
LINKS
STAY CONNECTED
Subscribe to the Adviser Innovation eNewsletter.
