I believe financial advisers are not taking the growth of robo-advice seriously enough. Research by EY in 2021 showed that clients globally indicate they will use robo-advisers in the future far more often. The reason behind this is that the traditional advice model is based on product selling, rather than meeting the needs of the client. This causes a lack of trust in financial advice. Financial advisory businesses that will be successful in the future need to become experts in their clients’ problems and design solutions to solve them.
