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Near 50% of advisers look to adopt robo-advice

Near 50% of advisers look to adopt robo-advice

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By tlewis ·
January 19 2016

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.

Near 50% of advisers look to adopt robo-advice
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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".


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