Don’t believe everything you read about a takeover from robo advisors: it seems that many investors still prefer the personal touch.
That’s the verdict of a new survey from Wells Fargo which found that even 18- to 49-year-olds – the group most likely to embrace technology – still wouldn’t trust making all of their investments with a machine.
Its survey, which gauged the opinion of 1,012 investors that boasted a minimum of $10,000 in mutual funds, stocks or bonds, revealed that 49 per cent prefer having a “strong relationship with a personal advisor” while just 24 per cent said digital tools would be their “top investing resource”.
According to Wells Fargo and Gallup researchers, there has been little change in the numbers during the last 12 months – however, the number of investors that would let machines handle “all” of their investments has slipped even further: falling from nine per cent to just six per cent.
Overall, it seems that investors within this age group simply prefer to have the best of both worlds. Indeed 40 per cent indicated that they would like financial advice to “mostly” come from a human, but with an added digital component; while 27 per cent said they would want their advice “mostly” from digital platforms, but with access to a human advisor too.