Face-to-face advice is still the choice of consumers when it comes to financial planning, according to research for Openwork.
The study, which surveyed consumers’ opinions towards financial advice, revealed that 71% have concerns that robo-advice may not be entirely appropriate for their financial needs.
Despite robo-advisers providing an increasingly advanced, low-cost option for accessing financial advice, 73% of those asked would prefer to receive face-to-face advice on their finances. Openwork says this shows there is a clear preference for human interaction when receiving financial advice and, with the demand for advice increasing, there are huge opportunities to pursue a career in this industry, providing clients with face to face advice.
However younger people are more supportive of robo-solutions, with 44% under- 25s having no concerns that robo-advice may not be appropriate for their financial needs.
Claire Limon, director of learning and acquisition at Openwork, said: “It is clear that robo-solutions are becoming increasingly advanced. However, consumers are still unsure if it is right for their financial needs and do not feel that it can substitute human interaction, speaking with a qualified and experienced adviser and supported by a network like Openwork.
“There is strong demand for face-face-advice and Openwork is committed to increasing the number of advisers in the UK from as diverse a talent pool as possible. Our Openwork Academy programme welcomes people from all walks of life to pursue a career in financial advice.”