FSE Midlands: Need for quality advisers will always exist, says Dryden
The number of customers using the services of a robo-adviser will continue to grow, yet both robo-advice and artificial intelligence will not be able to compete with human advisers says Mark Dryden (pictured) of 360DotNet.
That was Dryden’s response when asked what the mortgage sales process would look like in 10 years’ time, at the FSE Midlands in Coventry.
He said: “At some stage the government will turn and look at the mortgage sector.
“We’ll get to a stage where we have digital financial passports and it should be relatively easy to package these and to share with an adviser – lenders will be able to do something with that.”
Dryden also suggested that advisers should not shy away from empowering their clients to provide the information they need via online forms.
Dryden added: “Clients engage because they recognise the benefits they get out of their engagement.
“Clients ask themselves do I want an adviser in my house for two or three hours when I can alternatively enter the information on my own terms, be that on the train or in a coffee shop.
“You can use machine learning to highlight advice recommendations that might not seem quite right – which is not to say it’s wrong – but perhaps seems outside the norm. Highlighting this can then mean you can carry out a compliance check on the file.”