Is robo-advice the future?


The more I look into it, the more excited I am about the robo-advice market.

Automated financial solutions are expected to become the standard for digital-savvy investors. It makes sense of course, because they offer consumers investment solutions with typically lower cost fees and lower account minimum investments, all of this making their lives, and access to the investment industry easier and quicker.

Rise of automation

Image of tablet computer and desktop computer. Phillip Nunn discusses automation.

Automation is on the rise.

Robo-advice, according to Business Insider, involves replacing face-to-face savings and investment advice with online, automated guidance and execution. It doesn’t involve actual robots — the closest you get is algorithms.

The rise of automation is already prevalent in a world where the Silicon Valley giants – the likes of Apple, Google, Facebook and Amazon – influence every fabric of our lives. With the rise of the chatbot, you can see a time in the not too distant future where you might ask a device, such as an Echo, to take out some life assurance or review your mortgage. It could seamlessly arrange that for you, perhaps even prompting you to review it at certain times, knowing you have had a significant life event.

So I’m keen to learn more about how robo-advice can really open up what we know are time consuming and costly methods of financial advice to the masses. A number of large banks are currently weighing up their options on it, but I like the concept of the space below the target market of the banks, the general public, and how it can make their lives much easier. Robo-advice I believe could also enable companies to extend their services to clients they would have otherwise be unable to reach.

‘Must attend’ event

I’ll be learning more about it on Wednesday 1st February at Robo-Investing Europe 2017 Let’s Talk Digital at East Wintergarden, Canary Wharf, London.

It’s billed as Europe’s ‘must attend’ event for digital wealth and financial innovation, and promises to pack in the trends and insights across asset management and banking.

There will be 35 speakers and around 400 people attending – a mix of investment managers, digital designers and innovators who are all shaping the industry. So it will be good to understand more, particularly how data and artificial intelligence can help understand investor behaviour and manage compliance risk.

Robo-advice is a growing trend, and one I think worth embracing.

– Phillip Nunn

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What thoughts?

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So what next?