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August 25, 2015 at 10:41 AM
The robo-advisor naysayers may be heartened by an Investment Management Consultants Association survey finding on what investors want from their advisors.
In the group’s Investor Sentiment Survey of 1,000 investors, 93% said it was “important” or “critical” that their advisor “helps them maintain a long-term investing approach,” and 83% wanted their advisor to help them “stay calm when the market drops.”
In addition, 80% of those surveyed who had $1 million or more in investable assets said it was important or critical that their advisor help them stay current on the latest tax law changes, while 63% off the investors surveyed said “providing access to cutting-edge investment strategies” were important or critical.
“The four things that clients want — robo-advisors don’t do any of them,” commented Sean Walters, IMCA’s executive director and CEO, in an interview Monday in Jersey City where the now 30-year-old IMCA was holding a summer educational event for members.
Speaking in the same interview on a day when the Dow Jones industrial average fell 500 points, IMCA Chairman John Nersesian said the findings partly reflect the fact that clients want advisors to “protect me from myself” in making poor decisions prompted by short-term concerns.
Nersesian, managing director of wealth management services at Nuveen Investments, said the finding that clients want their advisors to stay current on tax law was “music to my ears” since being aware of tax implications “is such an important function” in everything from investing to charitable giving. Tax-law awareness, Nersessian pointed out, also is a “big part” of the curriculum for IMCA’s CPWA designation — Certified Private Wealth Advisor.
