The use of smart technology to improve advice is generating pace and seems a natural progression.
A clear picture is emerging of the advantages to the client, such as potentially reduced costs, a slicker process and the ability of the marketplace to adapt to regulatory changes or curveballs in the advice process that are sometimes difficult to communicate or interpret.
Many advisers are quick to rubbish the impact of the technological advances but my thoughts are that it is down to those individuals and businesses to sell the benefits of face-to-face advice and offer a service for which the client sees a true benefit over that of a potentially cheaper, quicker and more effective online offering.
This is no different from trying to win or keep hold of clients to prevent them going to a cheaper alternative down the road.
Some clients will always want the benefit of a real person to talk to about their financial options, whereas others will want to find ways to get what they want at a cheaper price and to remain in control themselves – whatever the risks may be.