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Robo an opportunity

Advisers have a chance to use roboadvice to their advantage, the chief executive of one fintech company says.

Thursday, September 22nd 2016, 6:00AM

by Susan Edmunds

Ian Dunbar runs SuiteBox, a tool that allows advisers to record their online video conversations with clients, take notes and share files.

He said it was not uncommon to hear concerns that roboadvice could spell the end of the human financial adviser.

“[But], rather unsurprisingly, human advisers are still with us, and quite possibly, in a stronger position than they have been for decades. Turns out that roboadvice is a real opportunity for human advisers – who would have thought,” he said.

Dunbar said it was possible that the advisers who would do best in future would be those who used roboadvice to drive efficiency and scale in their businesses and improve their engagement with clients.

He said research indicated those “hybrid” advisers might manage 10% of global investable wealth by 2025.

Roboadvice will become possible in New Zealand under the new version of the Financial Advisers Act.

Dunbar said it could be used to speed up the advice discovery and delivery process by automating part of the fact find and risk profiling.

There would also be more transparency. “Improvements in customer portals and apps creates the opportunity for transparency and engagement.  This does not mean just allowing a client to view their portfolio, but delivering relevant, contextual information about achieving their goals and the risk they are taking."

It would also be easier to automate some processes to enhance regulatory compliance, he said.

“The automation of processes that don’t require judgement, but require sound algorithmic logic, eliminates the potential for errors or worse,” he said.

“Taking advantage of technology and embracing these opportunities enables the adviser to build relationships, develop trust and act as the client’s financial guide – which is exactly what we want them to be doing.”

Tags: roboadvice

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