Roboadvice could complement adviser businesses
Cerulli Associates, a global analytics firm, has released a report that says digital advice could be a solution for consumers who have investment portfolios that are too small to attract financial advisers.
Associate director Tom O'Shea said the mass market and lower end of the middle market were under-served by advisers. "A vast majority of consumers do not possess the assets necessary to merit attention from financial advisers."
Digital advice could enhance advisers' existing offerings, he said. "Combining human and digital advice can strengthen the fiduciary foundation of the client recommendations, This combination also allows an adviser to scale their practice in such a way that he or she can profitably manage the smaller accounts of mass-market consumers."
Janine Scott, director of financial planning at Massey University, said asset-poor clients had been underserved around the world, so it was a promising area.
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