Robo-advice providers will have to contend with the widespread expectation that their services should be free.
This was one of the key findings of recently-released ANZ research, based on survey of 750 ANZ customers in New Zealand.
According to the survey, nearly half (46%) of respondents said they would use robo-advice tools if they were free. Only 3% were interested in having a full financial plan generated if a fee were charged for it.
At the same time, though, 73% of participants indicated they needed to have a clearer perspective on their "financial future"; 49% wanted specific adviser recommendations in this regard.
"People shouldn't wait until they're 65 to take charge of their finances - they need to take action earlier," said ANZ Wealth general manager products and marketing Ana Marie Lockyer.
"Given it takes time to build a full picture of an individual's personal circumstances, we need to find ways to get quality information and financial advice to customers, at a price they're prepared to pay."
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