Research Shows Demand for Financial Advisors Still Exists
Americans have not outgrown human Financial Advisors, according to a study by the Million Dollar Round Table.  The study finds that the preference of retail customers lies in combining the personal touch of a professional retail Financial Advisor alongside cutting-edge technology.
According to the study, the majority of Americans (88%) want technology to complement—not replace—human Financial Advisors.
- 85% said they would rather work with a human Financial Advisor than a robo-advisor.
- The study found that, while 83% would trust a human Financial Advisor to effectively manage their financial plan, only 36% would trust the job to a robo-advisor.
- The study also revealed that only 5% of Americans believe that financial planning should be managed entirely by technology-based tools.
- The top benefit that Americans cite for working with a human Financial Advisor over a robo-advisor is the opportunity to build a trusting relationship followed by the high level of human interaction and ease of communication.
According to a study by the National Association of Insurance and Financial Advisors, research supports the value added by the work done between a client and a Financial Advisor.  Clients make more informed decisions and it also makes them feel more confident about their finances. An international HSBC study “The Future of Retirement”, showed that those with financial plans done by professional Financial Advisors accumulate nearly 250% more retirement savings than those without. Retirement savers who sought investing advice from a professional Financial Advisor enjoy a median annual return almost 3% higher than those who did not get advice, even after the fees they paid for that advice.