Aussie advisers: Not keen on digital advice

As part of a consultation into affordable financial advice, the Australian Securities and Investments Commission (ASIC) told a select committee that “There is very little appetite for digital advice among existing advisers.”

ASIC reached this perspective on the market after going through 469 submissions from advisers, licensees and other industry stakeholders.

In answering ASIC’s questions, advisers cited development costs, lack of demand and consumer preference as reasons for avoiding digital advice.

“Most considered that digital advice is only suited to simple advice needs and younger people,” ASIC stated.