Investment Trends has released its 2016 Investment Trends Robo-advice Report, which indicates that while the use of automated investment services remains “nascent”, this looks set to change as awareness begins to spike.
The research shows 27 per cent of the online Australian investor population is now aware of robo-advice, up from 19 per cent six months ago.
“Robo-advice will take centre stage as more solutions become available, and as investors themselves begin to engage with these non-traditional advice models,” said research director at Investment Trends Recep III Peker.
Speaking to AccountantsDaily, Mr Peker said the robo-advice space represents a significant opportunity for accountants to broaden their services to clients.
“If you ask SMSF trustees why they stopped using an accountant, one of the top reasons is lack of expertise,” said Mr Peker.
“Automated portfolio construction solutions could help them better meet the needs of their clients,” he said.
“We found out that 255,000 SMSFs have unmet advice needs. About 133,000 of them said they would turn to their accountant to fill that gap, and 59,000 of them are looking for investment advice from their accountant,” he said.
“There is distinct potential for robo-advice to help accountants with their investment advice proposition,” he added.