There is considerable opportunity to provide robo-advice to pensioners seeking affordable, accessible and personalised advice, according to GlobalData.
The company’s 2017 Life & UK Pensions Survey found that 63 per cent of individuals accessing financial advice used it to discuss pensions, which usually was through visiting online platforms that provided automated advice.
GlobalData pointed to the cheaper fees and ability to engage with services more frequently through robo-advice as key to its appeal to pensioners.
Insurance analyst for GlobalData, Danielle Cripps, said that pension providers should look to robo-advice to offer assistance on not just saving for retirement, but also helping people at and in retirement.
“The industry should embrace robo-advice to provide accessible, personalised advice to the masses. This will empower customers and give them more control and power over their finances,” GlobalData said.
Cripps also said that developers could “seek to engage and work with companies already providing quality robo-advice services for pensions”.