Is robo advice another nail in the coffin for those who already feel disengaged with a super system that doesn’t support them?
Since robo advice firms first entered the market, their numbers have grown as has the commentary surrounding them. They have been heralded as making advice ‘cheaper’ and hence more accessible to the average consumer; yet some are beginning to question what they really deliver, as whilst many may be lower-cost, their fees are tied to an investment rather than to advice.
With any form of disruption there is a need to take a step back and look at what gave rise to the opportunity, and what the disrupter has done to solve it. When robo providers first came onto the scene, many saw them as disrupters to advice. However, as consumers the world over embrace digital solutions across other areas of their lives, some are now labelling robo the next step in the logical world of advice.