Advice firms to benefit from blending the best of tech with the best of human advice | Ten Year Retrospective from Faith Liversedge

by | Aug 23, 2021

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Part of our series of articles celebrating IFA Magazine’s ten year anniversary, IFA Magazine columnist and marketing expert, Faith Liversedge reflects on the past decade of the advice sector and predicts that firms adopting a hybrid advice model – which combines the benefits of technology with the strengths of traditional human advice – will be most successful in future.

 

IFA Magazine: where do you see the biggest changes having occurred in the advice sector since 2011?

FL: For me, the biggest change since RDR is that advice has become the product, but at the same time, productisation has increased. As a result, the challenge of communicating the value of advice has never been greater. Alongside this are the changes brought by ever-shifting regulation, the increasing cost of PI insurance, acquirers becoming more picky than ever and the development of robo-advice.

 
 

IFA Magazine: and where do you believe the biggest changes are likely to come over the next 10 years?

FL: That’s a relatively easy one. Technology is going to change everything. It will reduce the cost of basic advice and planning and make it available for people who can’t currently afford an adviser which means more people will seek it out – great. But at the same time the existing segment will have more and more complex financial needs, so they’ll have to see a real planner.

Therefore the firms who do well will blend technology and advice in an innovative way to meet the needs of both audiences.

 
 

The most efficient way of doing business will therefore be to combine the best of tech and the best of a personalised, human service. This means an adviser is no longer someone with a phone, they’re part tech company, part media company, part advice company. Attracting, communicating and servicing these different segments will require a brand new way of thinking.

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