DASH Technology Group (DASH) has today published a thought piece, Digital Advice: Redefining Accessibility, Affordability, and Scale in Financial Advice, which delves into the true nature of digital advice and its misconceptions. It aims to build trust amongst advisers by addressing the key themes facing practices today: boosting profitability, managing the intergenerational wealth transfer, engaging ‘unserviceable’ clients, the rising cost to serve, and how this solution could revolutionise financial planning.

DASH says there is still some confusion on what the spectrum of digital advice is, with some still viewing digital advice as the robo-advice of years past. DASH believes advice falls into three omni channels: client-only digital tools, ideal for simple, self-directed advice scenarios; hybrid advice, advisers use advanced digital tools during appointments, enabling faster, more consistent advice delivery; traditional comprehensive advice, for complex client needs requiring deep technical and strategic expertise.

A key difference between earlier robo-advice models and today’s digital advice solutions is the way advisers are integrated into the process. While robo-advice was primarily designed to automate simple portfolio investments, modern digital advice tools provide a broader and more flexible framework. Digital advice solutions use advanced algorithms to deliver quality strategy advice and seamlessly connect clients to an adviser when needed – whether that’s because the client chooses to engage directly with an adviser, or because the complexity of the advice requires professional expertise.

“Robo-advice has historically been limited to simple portfolio investments,” Cameron O’Sullivan, Head of Digital Advice at DASH, shares. “By contrast, digital advice leverages advanced algorithms to deliver high-quality strategy advice and triage effectively to an adviser when needed.”

O’Sullivan says the most misunderstood opportunity for digital advice tools is in the area of adviser driven tools, where common advice topics can be condensed into a series of interactive screens the adviser and client can go through together, allowing a much exploration of the client’s options, and the likely benefits of each option they could take.  These tools will allow most businesses to do 50-to-80 per cent of their common SOAs in under an hour, with half of that time even being done while sitting with the client, if desired.

“Digital advice is transforming retirement planning by making it simple, accessible, and intuitive. It shows clients exactly how much income they can afford in retirement, helps them identify what’s needed to achieve their goals, and provides tailored suggestions to close any gaps. By removing the complexity of decision-making, customers don’t need deep financial knowledge to navigate confusing contribution choices. The solution integrates seamlessly into statements, websites, and educational tools, ensuring easy access at every stage. With a more intuitive and user-friendly experience than traditional advice, it not only simplifies the journey but also provides a clear pathway into full comprehensive advice when needed.”

DASH believes its singular advice engine, underpinned by advanced algorithms and designed with adviser integration in mind, combined with a unified engine capable of powering digital, hybrid, and comprehensive advice experiences on one platform, is the solution.