Robo Advice v. Bespoke Services?


Robo Advice v. Bespoke Services?

Technology is changing the world on every level, at a pace we could hardly have imagined possible even 10 years ago. On a personal level and, especially in the world of business, technology is shaping how we live and work, both now, and in the future.

Every industry is being shaped by technology and financial services is certainly no exception. You just have to look at how banking has changed in the last 10 years and how we now interact with banks. Straight forward transactions can be carried out much faster online but what do you do when you need some advice and help, especially face-to-face advice?

The IFA world has also gone through many changes in recent years and technology has played a major part in those changes. From back office systems to help you manage your business more effectively to investment platforms that allow you to access and invest client money all in one place, technology has transformed how we operate. MAP has embraced this technology to assist us in maximising returns on our clients’ investments.

The latest technology to enter our sector which you will no doubt hear more and more about is “Robo Advice”. Robo Advice is basically an online investment platform which uses algorithms to assess a clients’ attitude to risk via an online questionnaire before offering what is usually a limited choice of risk-rated portfolios to invest in. There is very little (if any) human intervention and wider issues such as estate or retirement planning are not addressed at all.

At Money Advice & Planning Ltd we believe it is our job to truly understand our clients, their goals and aspirations, and their attitude to risk. We do this through meeting with them face-to-face and building a long-term plan to help them achieve their goals. This is the human aspect of financial advice which a computer algorithm could never deliver.

We provide our clients with a bespoke proactive investment strategy and service – initial and ongoing – to maximise returns on their investments, based on three key steps:

  • Select – We choose the best product and range of funds from the whole of the market based on our clients’ attitude to risk;
  • Review – We regularly review the funds we are happy to recommend to clients based on the funds’ performance; and
  • Switch – We recommend fund switches where necessary and, with your permission, we make those switches.

To provide complete transparency, we provide our clients with 24/7 access to the MAP portal where they can track and monitor the performance of their investments.

We do believe technology has its place, but we don’t believe in one-off, remote financial advice and investment services.

If you would like to find out about how Money Advice & Planning invests client money, please visit us at www.mapfinances.co.uk and use the contact form. Alternatively, call Andrew Singleton on 0345 241 1808.

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Links to external sites are for information only and do not constitute endorsement. Always obtain independent professional advice for your own particular situation. Money Advice & Planning Ltd is authorised and regulated by the Financial Conduct Authority.

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