Friday, July 17, 2015

Can't Beat That Personal Touch

We've heard a lot lately about robo-advisors, but most people who've actually worked with a financial advisor say they would prefer to stick with what they have. According to the Wells Fargo Affluent Investor survey, half of affluent and high net worth investors say they would never be comfortable working with a robo-advisor and 75 percent say a robo-advisor would never replace their financial advisor.

The survey found that 61 percent of affluent investors, defined as having between $250,000 and $1 million in investable assets, have a financial advisor, while 67 percent of high net worth investors — those with more than $1 million assets  — do. Among those investors who do have an advisor, 7 in 10 feel his or her advisor is as important to them as their doctor and almost all are satisfied with the quality of service they’re getting.

One reason these investors opt for the personal touch is because they want more than just transactions. Close to 90 percent say they want their advisor to do more than just invest their money - they want their advisor to be partner in financial planning.

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