Rising wealth and life complexity push self-directed investors toward professional guidance, but are advisors missing out on a key shift?
A growing share of DIY investors are planning to turn to human financial advisors as their wealth increases and financial needs become more complex, according to new research.
According to the latest Canada Investor Satisfaction Study from JD Power, fintech platforms continue to outperform bank-owned brokerages in the DIY segment, with investors increasingly viewing them as both innovative and reliable.
But the findings point to a shifting competitive landscape, particularly among younger investors, where brand perception and digital experience are playing a growing role in client loyalty.
“This year’s study reveals growing risk and opportunity for fintechs as well as the traditional banks,” said Mike Foy, managing director of wealth intelligence at JD Power. “Fintechs are winning DIY investors on innovation and closing the gap on trust, long considered a core advantage for the banks–and signaling intensifying competition. Simultaneously, growing demand for human financial advice among self-directed investors, especially young affluent ones, gives bank brokerages a valuable opportunity to retain clients and deepen relationships as those DIY investors transition toward advised offerings.”
As portfolios grow, many self-directed investors are reconsidering the value of professional guidance.
The study found that 47% of affluent DIY investors with at least $250,000 in assets expect to work with a financial advisor within the next year. That figure is also notably higher among those with children, at 45%, compared with just 22% of those without dependents.
Robo-advice platforms appear to be accelerating this shift rather than replacing traditional advice. More than half (52%) of users say they plan to engage a human advisor within 12 months, rising to 60% among wealthier investors.
Advisors missing wealth transfer opportunities
Despite the growing need for advice, the study highlights a gap in how advisors are addressing intergenerational planning.
Only 31% of investors aged 60 and older said their advisor had discussed wealth transfer strategies, while just 11% reported involving family members in those conversations.
This lack of engagement represents a missed opportunity for firms looking to retain assets as they move between generations.
The research also uncovered differences in how men and women approach financial planning with partners.
Among married investors under 60, 56% of women said their spouse attended advisor meetings, compared with 49% of men. Participation rises significantly with age, with roughly three-quarters of women and 69% of men aged 60+ attending joint meetings.
Leaders in investor satisfaction
On the advised side, Edward Jones ranked highest in overall client satisfaction, scoring 726 out of 1,000. ATB Wealth and Raymond James followed in second and third place, respectively.
In the DIY segment, Wealthsimple secured the top position for a third straight year, with Questrade placing second.
The study, based on responses from more than 7,400 Canadian investors, evaluated firms across factors including digital experience, trust, service quality, and value for fees.
Its findings underscore a key industry dynamic: while fintechs continue to win on user experience and innovation, traditional firms still have an opening to capture clients as their financial needs become more complex.
As DIY investors mature and accumulate wealth, the line between digital and advised investing is becoming increasingly blurred.
