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.
About James Woodfall
I am a financial services entrepreneur engaged in helping other business owners manage their personal finances. In 2020 I authored my first book, Financial Planning for Entrepreneurs: How to Plan Your Route to Financial Independence. The book was shortlisted for Business Book of the Year not long after publication. Academically, I hold a post-graduate qualification in Wealth Management and a diploma in Executive Coaching. I am currently studying Communication and Behaviour Analysis, a specialism within the domain of psychology and social sciences. I find it fascinating that entrepreneurs have this unique opportunity to add value and create wealth, yet to be successful at it, have to be masters of time management, delegation and management of their own personal mental health.