Order Report - Advice & Technology:: Examining How Consumers Combine Professionals, Online and Other Advice Sources
As consumers want more involvement in their investment decisions, and delegation has decreased to an all-time low, appetite for “seeking input from various sources” has increased to an all-time high. Those who are blending advice from financial professionals and online sources, first research online and then validate with a financial professional. This report explores the reasons for these trends and potential strategies to match these behaviors. The report also looks at the activities consumers are doing online and what devices (mobile vs. computer) they are choosing for specific types of information.
- Although most consumers say they want to “make decisions” on their own, consumer appetite for “seeking input from various sources” has increased to an all-time high. Meanwhile, preference for delegation has decreased to an all-time low, especially among investors with $2M+.
- All sources of investing information and advice show declines in reliance year-over-year as consumers consolidate focus. Relying on multiple sources, however, is the predominant behavior today in contrast to prior years.
- Online investment information activities related to content like videos, webcasts, planning tools and calculators are growing faster than activities related to transactions.
- The majority of affluent consumers blend advice from financial professionals and online sources.
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