There has been a lot of talk over the past few years about the increasing appetite of technology companies to produce online financial advice services.
Many have talked about the possibility of online financial advice helping those people that can no longer walk into a bank and receive advice (or be sold a product). Other have suggested online financial advice could be used by smaller investors looking to get ‘on the the ladder’ who might not otherwise be able to afford personalised financial advice.
To me, shoving an online solution in the face of someone that wants the counsel of an expert and experienced adviser is a bit of an insult.
It comes down to personality in the end. If you’re the sort of person that wants to do it all by yourself and want to manage it all yourself online, then these new services will certainly enhance and improve upon what you’re been offered up to now.
However, if you’re the sort of person that doesn’t have the time, or the interest, to want to learn about all of this yourself i.e. Pensions, tax, investing, portfolio management etc. then no amount of technology is going to help you become interested or encourage you to find time to do this.
It’s completely missing the point to think someone that wants and needs financial advice from an expert (human) could possibly turn to the internet and get what they need. You either can and already do that, or you can’t and want someone you trust to help you.