Robo advice declines as investors warm to ‘hybrid’ model

Aleks Vickovich and Sally Patten

Nov 8, 2022 – 4.47pm

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Global banking giant JPMorgan says purely digital financial advice is starting to lose traction as consumers in the United States warm to a hybrid advice model coupling human advisers with digital capabilities, that eludes the Australian market amid surging regulatory burdens.

Kelli Keough, head of digital and client solutions in JP Morgan’s wealth management business, said on Tuesday that growth in demand for robo advice had slowed, with customers opting for models that combined a digital experience with an option to bring in limited services from a human professional.

Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation.

Sally Patten edits BOSS, and writes about workplace issues. She was the financial services editor and personal finance editor of the AFR, The Age and the Sydney Morning Herald. She edited business news for The Times of London.