Can robo-advice boost engagement with retirement planning?

Technology as a communication tool

clock • 7 min read

Switching from the paternalistic defined benefit (DB) system to the more consumer-focused defined contribution (DC) has forced the pension industry to take a more active approach to member engagement. Can robo-advice help?

Initial attempts at member engagement were far from successful, according to Willis Towers Watson senior DC consultant Ann Flynn, who says: "The paternalism of DB contaminated DC pensions, making it very hard to get people to take responsibility and recognise their aspirations." The pensions industry also stumbled at the start, spending too much time focusing on trying to teach the mechanics of the financial markets rather than focus on simple targets members can understand. While improvements have been made, many members remain uninterested in their pension. The introduction of auto-...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

Advice firms only spending 35% of time on client meetings

Advice firms only spending 35% of time on client meetings

Spending more time on business, compliance and staff development

Isabel Baxter
clock 18 November 2024 • 2 min read
PFS Conference 2024: AI should augment not replace human element in advice

PFS Conference 2024: AI should augment not replace human element in advice

Firms that adopt technology to save time will improve client experience

Jenna Brown
clock 14 November 2024 • 2 min read
Advisers call for enhanced compliance processes to use AI

Advisers call for enhanced compliance processes to use AI

AI ‘firmly embedded’ into advice journey but ‘more work needs to be done’

Isabel Baxter
clock 12 November 2024 • 2 min read