As the use of digital technology continues to grow within the financial advice industry, ROBOAdvice is emerging as an efficient and cost-effective way to offer KiwiSaver advice.
What is ROBOAdvice?
A ROBOAdvice solution is an online, automated application that uses algorithms to offer financial advice without human intervention. It can quickly and accurately analyse large amounts of data to produce financial advice.
While ROBOAdvice is not suitable for all financial advice situations, it is useful for automating routine or less complex tasks to allow advisers more time to focus on delivering personalised advice in more complex situations.
Why KiwiSaver Advice Is Well Suited to ROBOAdvice
KiwiSaver is an important method of saving for retirement but for consumers, finding the right KiwiSaver fund to match their situation can be difficult. With over 25 providers, each with multiple funds, it can be a challenge to choose the right fund based on risk appetite, goals, and fees. And for financial advisers, it can be time-consuming to handle these enquiries.
As ROBOAdvice solutions are designed to quickly assess large amounts of information to output advice, they are well suited to process the many KiwiSaver options available. The rules governing KiwiSaver fund recommendations also tend to follow a structured path: match preferences with a provider, a risk profile with fund types, review contribution levels, age and goals, and monitor fund performance over time. These tasks are well-suited for ROBOAdvice as algorithms can be created to assess this information.
The Benefits of Using ROBOAdvice
- Save Time
A ROBOAdvice solution can automate the client data collection and fact find/risk profile to provider/fund-matching process. Instead of spending hours assessing a client's KiwiSaver needs, an adviser can rely on the ROBOAdvice solution to do this.
- Enhance Customer Service
With automation handling the technical side of KiwiSaver advice, advisers can spend more time building relationships and addressing client concerns.Â
Offering a digital solution through ROBOAdvice also allows clients to access their KiwiSaver advice from anywhere, anytime, making it more convenient. This flexibility improves client engagement and enhances trust in the adviser.
ROBOAdvice solutions also offer impartial advice. They are programmed to make recommendations solely based on a client's information and situation.
- Foster Growth
By using ROBOAdvice, financial advisers can grow their advice business without an equivalent increase in workload. A ROBOAdvice solution can onboard new KiwiSaver clients, attract tech-savvy clients who value digital solutions and ensure consistency in the advice process.
- Simplify Compliance
A ROBOAdvice solution simplifies compliance by automatically recording electronic client signoffs including date and time information. Links to an adviser's disclosure information are also included at each relevant step.
- Reduce Costs
Implementing ROBOAdvice can reduce the costs associated with manual KiwiSaver advice. Traditional advice requires significant time and resources for data collection, analysis, and reporting. ROBOAdvice streamlines these processes, cutting down on overhead costs while still providing a valuable service.  Â
Is ROBOAdvice Right for You?
While there are many advantages to using ROBOAdvice to deliver KiwiSaver advice, it will not suit all financial advisers or clients. The digital nature of ROBOAdvice may not suit some clients or advisers who prefer a face-to-face approach. ROBOAdvice also isn’t able to provide emotional support to clients during times of market volatility, which some may consider a key benefit of working with a financial adviser.
The Future of KiwiSaver Advice
ROBOAdvice offers several benefits to financial advisers. ROBOAdvice can save time, improve client service, reduce costs and provide a pathway for business growth. By using ROBOAdvice, financial advisers can position themselves at the forefront of innovation, offering both the personal touch of traditional advice and the efficiency of automation.
Our ROBOAdvice Solution
Our ROBOAdvice solution is a fully automated workflow solution that is customised with your preferred providers, advice rules and rationales. Get in touch with our team to see if our ROBOAdvice solution is right for you or learn more about it here.
