Investors prefer live advisers who incorporate tech

Wells Fargo survey points to client advice preferences, as well as their biggest financial concerns.

Most investors would choose to work with a financial adviser who incorporates a digital or online component to their planning, a Wells Fargo/Gallup survey out Tuesday found.
About 39% of investors said they’d most prefer this type of blended human and online approach to financial advice, while 26% would pick an automated solution that allows some access to a live planner, and 23% only want their financial advice from a human. About 9% said they want financial advice only delivered digitally, the May 2015 survey of 1,005 investors showed.
(More: How much should advisers charge for a brand-new robo offering?)
A crop of so-called robo-advisers have emerged in recent years that provide automated financial advice to clients at less expense than traditional, live advisers.
“Technology is constantly evolving and changing how investors want to interact with their financial services firm,” said Mary Mack, president of Wells Fargo Advisors. “Investors are telling us they truly value a personal relationship with an adviser who also uses technology in a collaborative way.”
In addition to advice preferences, the survey asked investors what their biggest financial concerns were. Topping the list, likely due to extensive attention given recently to hacking schemes uncovering massive amounts of personal data, identity theft sparked the greatest fear, at 57%.
(More: What advisers should do after a cyberattack)