Advice firms need digital tools that gain trust

While the COVID-19 pandemic has taught the world to interact digitally, it is still difficult to gain trust from consumers that need financial advice in a digital world, according to a panel.

Speaking on a SS&C webinar, Rice Warner head of superannuation, Steve Freeborn, said going digital was no longer a barrier to seeking advice but the challenge the industry faced was in creating a digital solution that consumers trusted.

“Consumers want hybrid advice that is interchangeable. So, I might start with the digital journey of self-help and digital learning. Then I want to talk to an adviser and seek that comfort of help of the assumptions I’ve made and what answers I’m getting. Then I might want to revert and do it myself in terms of the implementation,” Freeborn said.

“Or I might want to start with an adviser and then identify what’s required, and then take over and pick it up myself for a while. That ability to interact that interchange parts around the value chain are going to important.”

He noted that as consumers shared information, whether it was digitally or personally, they would want the advice provider to retain that information as part of the trust process.

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Source: Advice firms need digital tools that gain trust | Money Management