Consumers prefer face-to-face financial advice

Face-to-face advice is still the preferred choice for consumers when it comes to financial planning, according to research by Openwork. The study surveyed consumers' opinion towards financial advice and revealed that 71% have concerns that robo-advice may not be 'entirely appropriate' for their financial needs. Nearly three quarters (73%) of those asked would prefer to receive face-to-face advice on their finances.

Younger people are more supportive of robo-solutions with 44% of under-25s having no concerns about the appropriateness of robo-advice for their financial needs.

Claire Limon, director of learning and acquisition at Openwork, said: “It is clear that robo-solutions are becoming increasingly advanced.

"However, consumers are still unsure if it is right for their financial needs and do not feel that it can substitute human interaction, speaking with a qualified and experienced adviser."

This comes as Openwork launched their academy in 2014 which has trained and qualified more than 100 advisers.

Limon added: “There is strong demand for face-face-advice and Openwork is committed to increasing the number of advisers in the UK from as diverse a talent pool as possible.

"Our Openwork Academy programme welcomes people from all walks of life to pursue a career in financial advice.”