Most Robo-Advisor Users Have Human Advisors: MDRT
The group found that human-only advisory clients are much more common than robo-only clients.
Robo-advisors aren’t likely to replace live humans on a client’s financial advisory team anytime soon, a new survey indicates.
The Million Dollar Round Table — a Park Ridge, Illinois-based group for top financial professionals — has published an analysis of robo-advisors’ role in a summary of results from an online survey of 1,187 U.S. adults ages 18 and older.
MDRT found that 489 people, or 41% of the survey participants, reported using human financial advisors, and 204, or 17% of the participants, reported using robo-advisors.
Skepticism toward independent robo-advisors was strong: 36% of the survey participants said they wanted their finances handled solely by people; just 8% said they wanted their finances handled solely by automated systems.
Robo-advisor clients were much more open to working with humans than human advisor clients were to working with robos.
Only 29% of the human advisors’ clients were working with robos.
About 69% of the robo-advisors’ clients were working with human advisors.
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