Digital advice needs simplicity

A digital component to advice is essential in make financial advice more affordable but the platforms need to be simple, according to a panel.

Speaking at the Australian Institute of Superannuation Trustees (AIST) Super Financial Advice Symposium, Iress head of advice, Glenn Boyes, said the digital advice model was the future and that while there had been a lot of success with portfolio modelling type tools, the advice component was where complexity came in.

“It’s not a binary decision of robo versus human. We can’t service the unmet advice needs without any sort of digital advice offerings going forward so we’ve got a strong belief that a hybrid advice model is the way of the future,” Boyes said.

“A combination of digital, phone-based and face-to-face elements are all essential to the advice proposition and obviously technology plays a critical role in bringing all of these elements together.”

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Source: Digital advice needs simplicity | Money Management