Super funds well-positioned on robo-advice

Thirty-six per cent of people would prefer to get robo-advice and similar services from their superannuation funds, rather than the major banks, according to new research released today.

The research, contained in the Investment Trends Direct Client Report has pointed to the high number of Australians choosing to make and activate financial decisions without the help of a financial adviser.

However the report points to robo-advice as being a key tool in helping deliver necessary assistance to consumers, and to the positioning of superannuation funds in delivering the answers.

In what represents a new area of research for Investment Trends, the company has looked at the appetite of Australian adults for self-service financial activities and on the basis of 10,369 respondents found that while most Australians understand the benefits of financial advice, they are opting not to retain a financial planner.

Commenting on the findings, Investment Trends head of research and wealth management, Recep Peker said the findings suggested financial institutions and superannuation funds needed to look beyond the financial planning to engage with those choosing not to obtain advice.

He said the number of Australians actively using a financial planner sat at a substantial 2.4 million people with a further 1.1 million indicating they intended to use a planner in the next two years.

However, Peker said this meant 14.5 million people were unadvised.

Source: Super funds well-positioned on robo-advice | Super Review