Legal and General (L&G) is looking at launching a robo-advice service.
In response to a question at the Marketforce Retirement Solutions forum, Kerrigan Proctor, managing director of retirement at L&G, said the company would be ‘foolish’ not to consider robo-advice.
‘We would be foolish not to investigate robo-advice because there is obviously a gap between what people are willing to pay for advice and what is on offer. Robo-advice is the answer,’ he said.
He said the Financial Conduct Authority’s ‘regulatory sandbox’ to allow firms to test robo-advice offerings without the fear of regulatory reprisals would help the ‘exciting’ market develop.
‘The FCA sandbox will help develop it. Robo-advice will be very significant in the future and is something I’m excited about,’ he added
Speaking on the same panel, Blackrock UK retail head and managing director Tony Stenning said the fund group wanted to help advisers set up robo-advice.
Earlier this year, Blackrock purchased US robo-advice company FutureAdvisor.
Stenning said the robo-adviser would sit in its service business to support advisers and providers.
‘It will sit in our Blackrocks Solution business to help product providers and advisers deliver robo-advice going forwards,’ he said.
‘It will sit alongside what we currently have. It will not replace face-to-face advice.’…Read more at New Model Adviser