Hybrid advice providers are failing to ensure financial advisers and Planners understand exactly what hybrid advice solutions deliver and how they can be used, according to a new study.

AdviserSoftware.com, a division of the Financial Technology Research Centre, mapped current hybrid advice capabilities and the state of technology integration to assess work still needed.

According to the business, hybrid advice involves the use of technology, automated processes and human intervention from a financial adviser to support aspects of the client’s journey. It supports the provision of tailored solutions, helping clients make well-informed decisions about their finances to achieve current and future financial goals.

The survey showed that significant gaps remain around protection and savings with hybrid advice providers investing the most amount of time and resources in markets such as the pre, at, and post-retirement.

That left income protection, buying a home, mortgage protection, and family protection as some of the areas least evolved to date.

The research also showed that there is currently no provider that offers the full hybrid advice journey.

Jason Green, chief commercial officer at AdviserSoftware.com, said: "Advisers are operating in a dynamic environment where their clients' needs are bespoke, nuanced, and constantly changing. The tools and capabilities available to advisers need to keep up with these requirements and the holistic use of technology can help them do that.”

He said that true robo-advice never really took off, but added that “we are already seeing hybrid advice models appealing to forward-thinking advice practices.”

• The AdviserSoftware.com Hybrid Advice Study 2023 surveyed nine technology vendors and assessed 21 areas of each service across pre-retirement, at-and post-retirement, income, mortgage and family protection, and savings.