Advisers Doubt Robo-Advice Will Close The Advice Gap, Research Shows

01 August 2016

  • Fewer than one in five advisers believe robo-advice has the potential to close the advice gap, research reveals
  • Nearly half of advisers doubt that robo-advice will be a credible solution for tackling the advice gap
  • But Prudential recognises that robo-advice could have a significant role to play in providing a more limited form of advice for some consumers

Financial advisers doubt that robo-advice will be a credible means of tackling the UK’s advice gap, exclusive independent research shows.

A Prudential study found that fewer than one in five (17 per cent) advisers believe that technology-driven robo-advice will help close the advice gap for mass-market customers.

Moreover, almost half (47%) of the financial advisers polled say that robo-advice will not help to close the gap. This is despite the recommendations in the Financial Advice Market Review that the FCA should set up teams to offer support to firms that are using automated advice and guidance models.

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