tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, June 15th, 6:10PM

News

rss
Latest Headlines

Robo offer will soon become essential for advisers: Symons

Advice businesses are being told it should now be much cheaper and easier to set up roboadvice platforms than it might have been as little as three years ago - and soon a good robo offering will be expected by clients.

Thursday, November 24th 2016, 6:00AM

by Susan Edmunds

Andy Symons, financial services sector leader at PwC, said he expected roboadvice would be a common fixture of the New Zealand industry before long.

“I expect to see a number of smaller players wondering if this is the way to establish a platform in New Zealand without having to have a physical network and people. I expect incumbents would also have plans afoot to look at their current businesses and how roboadvice could be incorporated to create more efficiencies and better experiences for customers.”

He said there was likely to be strong demand from consumers for such an offer. Younger generations preferred a digital experience in a number of areas of their lives, he said. While they might not be the target of investment advisers at present, they would probably turn to a wealth advice robo offer if it was easy to use and accessible.

“If I was a financial adviser right now I would be asking ‘do I want to have a digital offering that’s complementary to the service I provide? And if I’m choosing not to, am I choosing not to play in a certain part of the market?’”

He said the challenge for advisers was that if they chose not to get involved in roboadvice, they might be opting out of an important part of the future market.

He said it should not be expensive to set up a robo offer. The tools and platforms available to develop the robo capability were increasingly available, he said. “Compared to putting together a digital advice site three years ago, I expect it would be relatively straightforward and the cost to be much more attractive now.”

He said PwC research in the UK found 65% of people were interested in using digital advice. A good platform could start to become a differentiator for providers, he said. In the same way that banks now need a mobile app, advisers would need a simple robo platform just to get people in the door, he said.

“It might be simple but it could be the beginning of the relationship between a wealth adviser and a consumer.”

Tags: roboadvice

« Give your ABS a check-upLVR restrictions to be reviewed »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.19 2.59 ▲2.99
ANZ 4.44 ▼2.79 3.19 ▲3.59
ANZ Special - ▼2.19 2.59 ▲2.99
ASB Back My Build 1.79 - - -
ASB Bank 4.45 ▼2.19 2.59 ▲2.99
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.25 2.55 ▲2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.85 3.15 ▲3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland ▲5.95 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 1.95 1.85 2.35 2.45
Heretaunga Building Society 4.99 ▲3.80 ▲3.90 -
HSBC Premier 4.49 ▼2.19 ▲2.45 ▲2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.04 3.40 3.84
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.19 2.55 2.99
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 ▼2.98 ▼2.79 ▼3.29
SBS Bank 4.54 2.69 2.99 3.29
SBS Bank Special - 2.19 2.49 2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.25 2.59 ▲2.94
The Co-operative Bank - Standard 4.40 2.75 3.09 ▲3.44
TSB Bank 5.34 ▼2.99 ▲3.35 ▲3.79
TSB Special 4.54 ▼2.19 ▲2.55 ▲2.99
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 2.85 3.19 ▲3.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 4.59 - - -
Westpac Special - 2.25 2.59 ▲2.99
Median 4.55 2.68 2.99 2.99

Last updated: 14 June 2021 8:26am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com