January 30, 2018 07:00
The advisors maintain their role and their responsibilities to the client even if the fact of the case with a robot-adviser.
This was held to remind Evelyne Verrier, a lawyer and associate at Lavery, during a panel held at the Conference 2017 of the insurance and the investment, on the 14th of November, in Montreal.
«The advisor must return to the basic concepts of his profession, which will not change. He must know his customer, his financial situation, personal needs and goals to the advisor. He must analyze his needs and offer products that are suitable for him. In any problem or dispute, it is the basis, it is the bible and it is always returned, regardless of the issues’, she explained.
A robot-advisor is considered as a working tool for the counselor and not as an advisor to a full-fledged. In case of dispute, the advisor, the firm, the insurer and the provider of the software could all be put in question, said to Me, Verrier. «After that, it remains a question of fact and to assess the involvement of each stakeholder, their roles and responsibilities for each of the elements that are important to analyze at this time. «
However, this does not mean that if an independent firm sells the products of only one insurer that the latter will be necessarily involved in the dispute. «It is necessary to consider the access that has the insurer access to the data, documents, among others «, she added.
It’s also important not to lose sight of the fact that when a customer reaches a certain threshold in turbulent times, it is his counsel that he will call. «Nothing is known of the effectiveness of a robot in a period of market correction,» she pointed out.
Me Glass also mentions that the price is not the only motivation of a customer to turn to a robot-adviser, but that the service has a price. «The robot does not have all the concepts of listening, skill and professional judgment. It will never replace the service. For the consumer, financial products remain the property that is not tangible. He needs the assistance of an advisor. «
Advisors must adapt to the technology, she qualified. In doing so, they will be better attended, more effective, and will benefit from a better analysis of the data, will reduce their costs, optimize the gain of information and increase the growth of the portfolio of the client.
«The winning strategy is really to combine the skills, the obligations of a certified professional with the benefits of the technology. A quotation based on the choice of the best products that will downright make downgrade by robots «, has supported Me a Glass.