The vast majority of financial advisers (89%) feel traditional advice is under threat from its automated equivalent, according to a recent survey.
Panacea Adviser found its members saw little opportunity in robo-advice, the online form of regulated advice the Financial Conduct Authority (FCA) is keen to see flourish. Out of 118 respondents, just 11% said robo-advice was positive for the industry, with the vast majority saying it would damage the profession. The FCA has endorsed robo-advice as a way to bring regulated financial help to the masses by offering a cheaper and more streamlined service. Following its Financial Advice Market Review (FAMR), which was heavily focused on online advice, the regulator launched a specialis...
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