Millennials like blend of robo and human advice, though skeptical of advice generally
Whether guided by human or robo, many won't act without consulting someone else first.
Younger investors increasingly prefer a blend of robo and human advice, even though many don’t trust computers or human advisers enough to take their advice without consulting someone else first.
According to a survey of 1,300 investors by the professional services firm Accenture, 64% of millennials say they prefer hybrid investment advice over either a dedicated human adviser or conventional robo-advisory services, compared with just 28% of baby boomers. .
Users of hybrids say they like the ease of money management, digital tools, fee transparency, customized services and low-cost products that hybrid models make possible. Still, 52% said they would never take the advice of a robo-adviser without first consulting someone else. And while hybrid customers said they like being able to speak with a human adviser, 38% said they would never take the advice of their adviser without first consulting another source.
More disturbing for advisers, perhaps, is that 72% of investors with a net worth of more than $10 million and 56% of those with a net worth between $1.5 million and $10 million said they believe human advisers don’t provide sufficient value — and 69% of millennials say are amenable to receiving investment advice from Google, Facebook, Amazon and other non-financial companies.
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