70% of retirement specialists unthreatened by robo-advice

A MetLife study found that 71% of advisers are unconcerned that their business will suffer as technology-led and lower cost alternatives are launched and just 22% believe their business will suffer.

Additionally, the potential demand for face-to-face advice remains strong with 36% of adults saying they will look for independent financial advice when planning retirement income, rising to 44% among savers aged under-34.

Around two-thirds (63%) of retirement savers said they would consider using a financial adviser if they are convinced that it is cost-effective in guaranteeing retirement income. Around 74% of those aged 25 to 34 said they would use an adviser if they could see the value in terms of their retirement income.

Simon Massey, Wealth Management Director at MetLife UK, said: “Robo-advice and digital technology have a major role to play in ensuring savers have as wide a choice as possible of how they get advice.

“Advisers are right to be confident that they can prosper alongside robo-advice as the value of face-to-face independent financial advice is clear and demonstrated by the potential demand from savers.

“What is even more interesting is that savers clearly want increased certainty over retirement income and that demand for advice will rise if advisers can prove how they can safeguard income in retirement. MetLife is committed to supporting advisers in expanding their businesses.”