Robo offer will soon become essential for advisers: Symons

Andy Symons, financial services sector leader at PwC, said he expected roboadvice would be a common fixture of the New Zealand industry before long.

“I expect to see a number of smaller players wondering if this is the way to establish a platform in New Zealand without having to have a physical network and people. I expect incumbents would also have plans afoot to look at their current businesses and how roboadvice could be incorporated to create more efficiencies and better experiences for customers.”

He said there was likely to be strong demand from consumers for such an offer. Younger generations preferred a digital experience in a number of areas of their lives, he said. While they might not be the target of investment advisers at present, they would probably turn to a wealth advice robo offer if it was easy to use and accessible.

“If I was a financial adviser right now I would be asking ‘do I want to have a digital offering that’s complementary to the service I provide? And if I’m choosing not to, am I choosing not to play in a certain part of the market?’”