A survey of customers in the financial services sector has shown that more people than ever before are embracing online video meetings.
Only 13% of customers below the age of 45 felt it is important to meet with an adviser in person and there’s a potential for lower fees thanks to the growing use of technology.
According to a report on the Money Marketing website, Boring Money’s 2021 Advice Report reveals 40% of investors would favour paying a lower fee for digital advice, while 29% said they would prefer face-to-face advice even if it would mean higher fees.
Almost half (49%) said they were happy to receive advice via video, a 24% increase since 2019.
Boring Money founder and chief executive Holly Mackay said convenience factors such as not having to dress up or travel to meet advisers have played an important role in this shift.
However, she also observed that people between the age of 55 and 65 were most likely to stick with face-to-face meetings. In fact, 34% of people aged over 65 said they would rather have a face-to-face meeting even it involves higher cost, while 24% said they are not unhappy with digital advice.
She is now advising companies to engage with customers to identify their needs so business models can be adjusted accordingly.’