While media in the financial advice space hypes up the concepts of big data and snappy technology, these ‘quick-fix’ tools should not be the focus for advisers, a consultant has said.
In a report released this week by advice consultancy firm Certainty Advice Group, founder of Certainty Jim Stackpool said the hype around finance technology and robo distracts advisers from what’s important.
“While financial journalists want us to believe that big data and snappy, convenient tech will make our lives easier, at Certainty Advice Group we’re not so sure. While accessible, easy apps for your quick ride, your pizza delivery and your online shopping work great, should we be offering a quick fix for something so personal as advice?” Mr Stackpool said.
The ever-changing landscape of legislation, robo-advice and instability has advisers scrambling to secure their bottom line while a solid, stodgy diet of financial products masquerading as genuine advice is creating confusion among consumers, he said
Mr Stackpool called for a greater focus on the concept of valuable advice.
“Finding genuine, valuable advice is not getting easier in a world of increasing financial product automation, proliferation and corporate growth targets,” he said.
“There is always room for innovations like robo-advice. As a tool for us to better understand our clients, it certainly has its place. But no single financial product is a ‘quick fix’, nor is it valuable advice.”
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