The demand for face-to-face financial advice is set to grow and is not threatened by technology, says global financial services industry thinktank, the Global Futures Forum.
The forum, set up by technology giant Unisys to look at how businesses can benefit by modelling the future five to 10 years ahead, comprises academics and businesspeople. Its first quarterly findings show the demand for advice and consultation is set to grow.
It believes “consultation and advice will become the competitive cornerstone of financial services.”
Although technology will mean consumers can take charge of their financial affairs, the forum has found this will only lead to an increased need for specialist advisers.
Technology will influence how customers expect products to be priced. The GFF believes pricing structures in financial services will become like airline tickets, offering more flexibility and tailoring. It also believes the retirement age will rise by five years.
Director Jim Moore says: “Customers are going to seek out providers of advice and consultation as they can look at their preferences and priorities and come up with a personalised solution.”