Roger Brosch talks Robo Advice

Roger Brosch talks about Robo Advice and explains why he is pinning his undiminished hope on a new breed of digital and hybrid solutions.

Foster Denovo’s CEO, Roger Brosch talks about Robo Advice “the impact good financial advice can have on someone’s life…

Timely financial advice changes lives. And I have always been of the view that the more lives it can positively impact, the better society would be.

So, I watched with keen interest – and a great deal of hope – when Robo Advice was first heralded as the answer to the commercial conundrum of cost-effectively bringing advice to the masses.

Twelve years later, and my hope hasn’t diminished. Nor has my firm belief that everyone would benefit from accessing good, affordable financial advice.

The fanfare (and what I can only imagine was an eye-wateringly steep ad bill) that accompanied the launch of the first robo propositions, over time ended up sounding a little off-key. In the intervening years, robo advice has often been described as a ‘damp squib’.

After all, it was meant to be a much-needed bridge for mass market access to advice, a genuine solution to the ‘advice gap’. It still can be.

‘People simply aren’t wired to wait’

Old-style robo advice fell short of expectations, in part, because it relied on people doing something that goes against a very strong bias: prioritising immediate gratification over long-term benefit.

Read the full article on Professional Adviser here.