For the last 25 years, surveys have shown that eight in every 10 adults in Australia do not bother to seek financial advice. This is despite knowing that they would benefit a lot from doing so. The same surveys have also revealed that majority of Australians are worrying about their financial standing yet they do not do something about it. Majority of those who are not consulting financial advisors are worried about the fee they have to pay for the one-on-one sessions. Some are worried that they might have to sign up with products they don’t want while others do not trust the financial market. A new trend has now popped up because of the presence of financial planning website where clients can get advice through the help of technology.
It is true that some people think they do not need a financial advisor since they are not earning much like millionaires with a lot of wealth and assets. This is why the idea of robo-advisers has become quite popular to the masses because the fees are cheaper. Through technology, clients get to have automated advices therefore bridging the gap between consumers and financial industry.
This is the reason why fintech companies are developing robo-advisers – in order to provide advices to people either through their phones or online medium. The robots can be very simple while others are more sophisticated. In fact, there are companies that already employ these robo-advisers. It is one of the programs offered to push employee welfare in the workforce/
According to Flare’s co-founder, James Windon, they are discussing financial health by tapping the workplace where it is offered as part of the human resources package as well as the payroll services given to all employers. Windon added that with the help of the technology platform, people are able to know more about their status financially and they can make decisions on what products will be suitable for them.
These robots can offer general advice for now but there is financial planning website available if consumers wish to talk to a financial advisor without having to meet physically. The role technology plays in the financial sector is only starting and we could only imagine what will come next.