The advice industry is faced with increasing demand for affordable and accessible financial advice and implementing digital solutions to segment clients could be the answer, according to a new whitepaper.

Digital advice provider Six Park’s latest whitepaper, Is it red tape or is it me? Deniers, devotees, and the digital advice revolution, addresses the myth that robo-advice is in direct competition with financial advisers.

Six Park co-chief executive Pat Garrett said there is no competition between robo-advice and financial advisers.

“[..] In fact, when a human element is added to a service like robo- or digital- advice, the conversion rate of customers who actually implement the advice drastically increases,” he said.

Instead, Six Park said it works in partnership with financial planners rather trying to disrupt the industry, reiterating that digital and holistic advice are complementary offerings.

“Integrating a digital offering is one of the most effective ways of segmenting your client base and building a relationship with low-need clients who are likely to require more holistic advice in the future,” the white paper said.

Source: https://australianfintech.com.au/robo-advice-a-complement-not-disruptor-six-park/