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Automated service introduced

Standard Life launches robo-advice service in digital push

Marvin robot

Robots are becoming a feature of the financial services sector (pic: Terry Murden)


 

Standard Life Aberdeen is bringing in robots as part of its money management advice offering to clients.

The Edinburgh-based asset and wealth manager is launching a robo-adviser as it looks to improve the advice process through technology.

The new business, registered as Standard Life Digital Solutions will be part of the company’s national advice arm, 1825 Financial Planning.

SLA said its vision was to offer a combination of digital, telephony and face-to face-advice.

“With 1825, we’re building a national financial planning business with a high quality face-to-face capability and we’re also looking to develop a digital capability to provide planning and advice in areas of the market where people don’t already have easy access to advice,” it stated.

“It makes sense to form this new company as we continue to look at how we can improve the advice process through digitalisation.”

Robo-advice typically involves the use of algorithms to manage and allocate a client’s assets.

The use of technology has been advocated by the regulator as a way to serve clients with fewer assets and help close the so-called advice gap.

1825, which was launched by Standard Life in 2015, said it wanted to test an automated advice service for those who are close to retirement.



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