Standard Life is developing a digital service in preparation for a future where the vast majority of advice in the UK is delivered online, with face-to-face playing 'back up' role, according to its chief executive.
In the second part of our exclusive video series, O’Dwyer sets out Standard Life’s digital advice ambitions and where its own current face-to-face advice service fits in.
‘You think we have an advice gap now, it’s going to be massive in 10 years’ time,’ said O’Dwyer. ‘We could just sit back and watch that happen; we wanted to be part of the solution.’
O’Dwyer said the ‘high quality, regional firms’ 1825 had bought was to create a credible advice service which would serve as a 'back up to the digital front end’ in the form of face-to face advice.
‘The advice service that is provided in the UK the best in the world, for wealthy people,’ he added.
In June Standard Life’s national advice arm 1825 joined the Financial Conduct Authority advice unit.
The Advice Unit, established in 2016, after the Financial Advice Market Review recommended providing regulatory feedback to firms developing automated advice and discretionary investment management models