Financial Advice: Still a core need?

59% of respondents say they have no intention of using a robo-adviser either now or in the future

Financial advice. Still a core need?

 

In all areas, trust and credibility will remain key

The digital age and the rise of the internet have allowed people to take greater ownership of their financial lives. But it is clear from our study that financial advice remains sought after and it is likely that it will become even more so in the future. Likewise while improvements to artificial intelligence mean that robo-advice will become increasingly prevalent, interaction with and advice from human advisers remains important, and in all areas trust and credibility will remain key.

Self-directed but professional advice still sought after

On average, people in Hong Kong consult three sources when looking for advice on how to sort out their future finances. The internet tops the list, as the choice of 42% of respondents, followed by information from banks and savings and investment providers, at 41% and financial advisers at 37%.

 

42% of respondents consult the internet when looking for information on their finances

41% use information from banks and savings and investment providers

37% go to financial advisers

Future thinking

Climate change, technological advancements and living longer are the three trends that people in Hong Kong feel will have the biggest impact on the future.

42% believe that climate change will have the largest impact on their future

Technological change is expected to be the number one digital trend likely to impact people in the coming years, as cited by 39% of respondents