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Just six percent of affluent investors utilising automated advice - Spectrem study

25 February 2015  |  1518 views  |  0 Source: Spectrem Group

Affordable robo-advisor services continue to gain traction among investors, particularly young investors, but only 6 percent of all affluent investors are currently utilizing a robo-advisor service, according to "Wealthy Investors and Their Perceptions of Virtual Advisors," the latest report from Spectrem Group.

The value of face-to-face interaction between investor and advisor is being tested by the advent of the "robo-advisor," an entirely technology-based platform that automates the process of investing advice, often based on answers to a questionnaire about the investor's age, risk tolerance and net worth.

Some investors are also using investment advisor services that provide contact with a human solely through the use of video-chat capabilities such as Skype or FaceTime. These investors are similarly studied in the Spectrem report.

Key findings in the report include:

  • Investors who use robo-advisors are more likely to consider themselves "advisor-dependent" -- relying on the advisor to make most or all of their investment decisions -- than investors who do not use technology-based advisors.
  • While only 6 percent of investors currently use a virtual advisor, 17 percent of investors under the age of 35 are employing a robo-advisor.
  • The greater the wealth of an investor, the more likely the investor is familiar with the concept of a "robo-advisor."

Additional information on Spectrem studies can be found at Spectrem.com and Spectrem's Millionaire Corner, including:

  • Familiarity with Robo-Advisors
  • Financial Advisors: Robo vs. Human

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