Robo Advice: is it right for you?

The term ‘robo advice’ is increasingly used in the financial services industry. So, what is it? And what are the implications of using it? More importantly, could it work for you?

As with most things in the world of financial advice, the answer to this last question is not black and white. There are pros and cons for every type of service on offer. If everything in financial services was straightforward – one-size-fits-all types of products or services – there would be no need for financial advisors at all. But it isn’t – and there is.

What is it?

Robo advice is a term used in the financial services industry for those companies that offer an online solution for their clients without the need for a meeting or even a telephone call in the process; almost tailor made for today’s hectic pace of life, it seems. It is predominantly the mortgage market that it focuses on, at present.

So, is it the future?

There can be no doubt that it spells efficiency, so in theory the process should run more smoothly. For those clients whose financial circumstances and current situations are less complex than others, the robo advice route could be a viable option.

That said, taking out a mortgage is the biggest financial commitment most of us make and with our free whole of market advice – provided in whichever way suits you best – it is almost certain that we can offer that little bit extra than any online ‘calculator’.

The best of both worlds

You really can have it all. Our service and advisers utilise the most up to date technology solutions yet retain those traditional values of good, honest advice and customer service.

If you are looking for online solutions, we can offer that; you can even book an appointment online. What’s more, we can back that up with experience, a friendly face or friendly voice. We can also offer a more holistic approach with other areas, such as life or home insurance, making us a one stop shop for your home finance and protection.

In summary, we believe there is a place for robo advice but it’s not for everyone and it cannot replace the human touch at this most important of life’s decisions. Especially when this advice is free of fees.

March 2019