Investors in the US want both human as well as automated advice to meet their financial requirements, according to a study by the Financial Planning Association (FPA) and Investopedia.
Findings from the study revealed that 73% of respondents are satisfied or very satisfied with their primary automated investing platform.
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Of users of automated investing platform, 80% said that they are confident that the platform supports their financial planning goals.
Seventy-five percent of the respondents said that they are satisfied with the current performance of their primary investing platform. However, 40% expressed discomfort about using a robo platform during volatile times.
The study further revealed that 70% of investors are satisfied or very satisfied with their primary financial planner/adviser.
Respondents highlighted satisfaction working with traditional advisers, especially in case of particular areas of financial advice. Seventy percent of the respondents said that they are satisfied with estate planning-related service, 67% were satisfied with tax planning advice, while 66% said that they were satisfied with retirement advice.
Investors also showed a preference for advice to be given by a financial planner/advisor to address various financial issues. Thirty two percent of respondents said that they would use a financial planner/adviser for tax planning, while 39% said that they would use either for investment planning.
Investopedia CEO David Siegel said: “The debate about whether robos or human advisors will win is moot. The future of financial advice is bionic — a powerful combination of both.
“As investors get more comfortable with automated investing platforms, they’re starting to demand both the low-cost benefits such platforms provide and the irreplaceably customized and high-touch approach of financial advisors.”
