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IFA - PAA Breakfast Roundtable on Robo-Advice

Thanks to the speakers at the breakfast session this morning on robo-advice. Paul Baldwin, Derek Grantham, Royden Shotter, Barry Read, Binu Paul, and Stuart Auld, and moderator Peter Lee.

Barry Read's and Binu Paul's comments about the actual use of robo-advice systems by customers were in sharp contrast to the expectations of use by some of the other speakers. 

There was some confusion in definition. Some people plainly meant different things when they talked about 'advice' and more clarity came when someone - probably Barry - talked about the difference between full financial plans (rare, later candidates for robo) and the definition of financial advice in the FAA today. 

Lots of talk about the appeal of robos being cost-based which was thoughtfully disrupted by Derek Grantham quoting from some research (qualitative, from a focus group) about Millennials talking about making fund selection decisions. 

Royden Shotter commented that although there is a lot of variation in individuals and circumstances it is worth remembering that there isn't a lot of variation in strategies. Likewise good to note Binu Paul quoting Bill Gates comment that we tend to overestimate change in the three-year timeframe and underestimate it in the ten year timeframe. 

 

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