Advisers must consider how they can embrace new technology to be more efficient and bring down the cost of advice, according to a new report from the Association of Professional Financial Advisers (APFA).
The new report examines the role of technology in the future of the financial advice profession, arguing that it will play a valuable role providing a more efficient service to customers, bringing down the costs and helping close the ‘advice gap’ of individuals priced out of the sector post-RDR.
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Chris Hannant, director general of APFA, said: "The ‘advice gap’ we’ve seen post-RDR makes it even more vital that the industry finds ways to make financial advice cheaper and more efficient. Embracing technology is a way for advisers to make sure their clients have the access they expect to the information about their current investments, and their future options.
"People’s lives are changing. Customers are becoming more and familiar with technology and the profession needs to adapt and use it to deliver efficient, high-quality services that are as affordable as possible."
The report also points to the possibility of automating some financial advice services in the future, as technology develops and the public become more comfortable with using it as part of making financial decisions.
Financial advisers, the report argues, will have a key role to play filtering information, presenting relevant options and providing a reassuring human interaction.
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