Near 50% of advisers look to adopt robo-advice

Financial advisers are beginning to embrace robo-advice, a recent poll by Adviser Innovation has found, with almost half of all respondents looking to implement an automated advice tool into their practice.

The poll found that 43 per cent of advisers are set to introduce a robo-advice tool into their practice immediately, with 26.6 per cent considering adopting a robo tool within 12 months.

It was found that 16.6 per cent of respondents believe that incorporating a robo tool is a possibility, but one that is not yet being considered. Only 13.3 per cent indicated that they are unwilling to adopt an automated advice tool.

The move towards robo-advice follows the ongoing flood of robo-advice firms into the Australian market.

In an interview with Adviser Innovation last year, Afiniation co-founder Ian Dunbar said 2016 is likely to see around 15 additional well-established robo-advice companies enter the market.

"What we're going to see, certainly if we look out over five years and even in the next 12 to 24 months, [is] a lot more development around tools that enable more comprehensive advice," said Mr Dunbar.

The data captured by Adviser Innovation also points to a changing attitude among advisers. What was once feared within the advice profession is beginning to be embraced.

Stewart Bell, founder and business coach at Audere Coaching & Consulting, said advisers who continue to see automated tools as a threat are missing out on significant opportunities.

Simply, Mr Bell said robo-advice makes advice "cheaper, faster and more accessible".