{"id":43812,"date":"2019-02-27T06:22:46","date_gmt":"2019-02-26T20:22:46","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=43812"},"modified":"2019-02-27T06:44:08","modified_gmt":"2019-02-26T20:44:08","slug":"study-confirms-preference-for-human-advice-over-robo-advice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/02\/27\/study-confirms-preference-for-human-advice-over-robo-advice\/","title":{"rendered":"Study Confirms Preference for Human Advice Over Robo Advice"},"content":{"rendered":"<p>A study released by the <a href=\"https:\/\/www.mdrt.org\/\" target=\"_blank\" rel=\"noopener\">MDRT<\/a> organisation affirms that consumers want technology to complement, rather than replace human financial advisers.<\/p>\n<figure id=\"attachment_43824\" aria-describedby=\"caption-attachment-43824\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/02\/Ross-Vanderwolf-01-e1551213562795.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-43824\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/02\/Ross-Vanderwolf-01-e1551213562795.jpg\" alt=\"\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-43824\" class=\"wp-caption-text\">MDRT President, Ross Vanderwolf &#8230; the majority of clients still desire human interaction and communication<\/figcaption><\/figure>\n<p><!--more-->The research findings are based on a survey of two thousand American consumers, which examined:<\/p>\n<ul>\n<li>What consumers think of technology in financial services<\/li>\n<li>Clients\u2019 perspectives on robo advisors<\/li>\n<li>The technology clients expect their adviser to incorporate<\/li>\n<\/ul>\n<p>The research revealed that, irrespective of whether they currently use a financial adviser, about the same percentage of Americans in each group agree it is important that advisers are both technologically savvy (95 percent each) and use updated technology-based tools in their practice (96 percent who have an adviser and 95 percent who don\u2019t).<\/p>\n<h6>88 percent of Americans say technology should complement, not replace, the services of a human financial adviser&#8230;<\/h6>\n<p>Other findings included:<\/p>\n<ul>\n<li>88 percent of Americans say technology should complement, not replace, the services of a human financial adviser<\/li>\n<li>85 percent of Americans say they prefer working with a human financial adviser rather than a robo adviser<\/li>\n<li>Only five percent of Americans believe financial planning should be managed entirely by technology-based tools<\/li>\n<li>36 percent strongly disagree that robo advisers could completely replace the role of human financial advisors in financial planning<\/li>\n<li>While 83 percent would trust a human financial adviser to effectively manage their financial plan, only 36 percent would trust the job to a robo adviser<\/li>\n<\/ul>\n<p>Considering the top benefits Americans cite for working with a human financial advisor over a robo adviser:<\/p>\n<ul>\n<li>The opportunity to build a trusting relationship (65 percent)<\/li>\n<li>The high level of human interaction (58 percent)<\/li>\n<li>Ease of communication (52 percent)<\/li>\n<\/ul>\n<p>On the flip side, the main concerns of working with a human financial adviser were found to be:<\/p>\n<ul>\n<li>Cost (47 percent)<\/li>\n<li>Response time (32 percent)<\/li>\n<li>Accuracy of assessments (31 percent)<\/li>\n<\/ul>\n<h6>&#8230;the majority of clients still desire human interaction and communication<\/h6>\n<p>Commenting on these findings, MDRT&#8217;s global President, Queensland adviser, <strong>Ross Vanderwolf<\/strong>, noted, \u201cThough robo advisors have become more prevalent in the financial advisor industry, it\u2019s vital to note that the majority of clients still desire human interaction and communication&#8230; This means that we, as financial professionals, should make every effort to cultivate client relationships in order to further promote the benefits of working with a human advisor.\u201d<\/p>\n<p>Reinforcing Vanderwolf&#8217;s comments, MDRT First Vice President, US adviser, <strong>Regina Bedoya<\/strong>, added, &#8220;This study suggests Americans have not outgrown human advisors; instead their preference lies in combining the personal and trustworthy touch of an advisor alongside cutting-edge technology.\u201d<\/p>\n<p><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2019\/02\/190227-MDRT_FinTech_Infographic.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to access an infographic image that summarises the key findings from this US study.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A study released by the MDRT organisation affirms that consumers want technology to complement, rather than replace human financial advisers.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,3],"tags":[],"class_list":["post-43812","post","type-post","status-publish","format-standard","category-associations","category-general"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=43812"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43812\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=43812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=43812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=43812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}