Advisers need to make sure they are on the right battlefield before preparing for the fight.
I’m reminded of the 2003 movie Terminator 3 Rise of the Machines whenever I hear adviser chatter about the imminent arrival of the robo-adviser. The movie tells the story of the battle between man and machine and that’s the battle that many in the advice industry see looming in the not too distant future.
The ‘robos’ are coming and it will get bloody, of that there is no doubt.
But I would argue that the better advisers shouldn’t even be on the field of battle, let alone being killed off.
Last month I appeared on a panel at the ifa Business Strategy Days held over three sessions in Sydney, Brisbane and Melbourne.
While the experience in each state was a little different the key theme was consistent, advisers are struggling with what I will call the value conundrum.
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