Useful word ‘harnessing’. Means to bring under control. There’s much talk amongst our Adviser colleagues about ‘Robo’ Advice. This is where the consumer chooses on line from a decision tree the right pension or investment for themselves. So if it all goes wrong, it’s the Robot’s fault. Now is it possible to hold a Robot or robotic advice to account? How will the Financial Ombudsman deal with a complaint against a decision tree?
Is there still a place for ‘face to face’ advice where the individual and his company can be held accountable? We think so. But it doesn’t mean to say that we abandon technology. We are working on processes to harness it and so help clients participate and keep costs down in managing their affairs.
When it comes to finance, feelings and attitudes and understanding play a large role in making decisions and the sounding board of an experienced adviser will always be needed but the judicial use of technology will enhance the experience.
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