Looking after one’s physical health is high on most people’s agenda; healthy eating and working out are big priorities for the Millennials and Gen Z. Various websites help people to monitor their progress towards their health goals, often with their personal data being uploaded from wearable smart devices such as Fitbits and Apple Watches – access to experts in the medical profession is only needed when something is going wrong.
When it comes to looking after their financial health, most people are not so driven. It’s not that they don’t want to keep their finances in tip-top shape – it’s just that the decades old approach of visiting an agent and sitting with him or her for a couple of hours, while answering umpteen questions about your financial habits and goals just doesn’t fit in with how people live their lives today.
Customers want to receive advice, but they cannot spare the time and the existing approach is inconvenient. What’s needed is the ability for providers to arrange financial health checks at a time and place that suits the individual, with data uploaded automatically where possible and only requiring expert advice from agents when needed. This would maximise the value of the agents by using their abilities for the difficult cases whilst allowing the bulk of client advice to be provided by the robots.
This is the future of financial advice – a subscription-based service for the majority – and it’s not as far away as you think. Robo-advisers are the key to providing regular holistic financial support at a cost level that is realistic, and thereby massively increasing the penetration of the existing agent base into the general population.
In this webinar, Tom Murray, Head of Product Strategy, LifePlus Solutions at Majesco, will examine the pressures on the financial advice industry coming from the changing behaviours of the Millennials and Generation Z, the increasing regulation of the financial services sector, and the pressures to service this market whilst keeping costs at an affordable level. Can robo-advisers make the difference for those life and pension carriers seeking to tap into the Millennial and Gen Z advice market? Register for the “Future of Advice” webinar today to find out more.