Advice & Technology:
Examining How Consumers Combine Professionals, Online and Other Advice Sources
Order Report - Advice & Technology:: Examining How Consumers Combine Professionals, Online and Other Advice Sources
Overview
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.
Key Findings
- 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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Sample Report Pages
Table of Contents
Methodology
Key Findings & Implications
Favorite Statistics
Related Research
Key Finding # 1: 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+.
1.1: Investment Decision Process Preference: National, by Year
5
1.2: Investment Decision Process Preference: by Lifestage, 2020
6
1.3: Investment Decision Process Preference: by Lifestage, by Year
7
1.4: Investment Decision Process Preference: by Assets, by Year
8
1.5: Investment Decision Process Preference by Store: 2020
9
1.6: Crosstab of Investment Decision Process Preference by Reliance on Financial Professionals (excluding Accountants): National, 2020
10
1.7: Sources for Investment Information and Advice – Reliance on Myself, by Investment Decision Process Preference: National, by Year
11
1.8: Mean Count of Sources for Investment Information and Advice (excluding Myself) by Investment Decision Process Preference: National, by Year
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1.9: Investment Decision Process Preference, Among Consumers Who Use Paid Investment Professionals as Primary/Usual Sources of Investment Information and Advice: by Year
13
1.10: Investment Decision Process Preference, Among Consumers Who Use Other Financial Professionals as Primary/Usual Sources of Investment Information and Advice: by Year
14
Key Finding # 2: 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.
2.1: Count of Sources for Investment Information and Advice – Reliance: National, 2010-2020
15
2.2: Count of Sources for Investment Information and Advice – Reliance: by Lifestage, 2020
16
2.3: Sources for Investment Information and Advice – Reliance: National, by Year
17
2.4: Sources for Investment Information and Advice – Reliance on Spouse/Partner: National, 2020
18
2.5: Sources for Information and Advice – Reliance on Financial Professionals: National, by Year
19
2.6: Sources for Information and Advice – Reliance on Financial Professionals: National, by Year
20
2.7: Sources for Information and Advice With Degree of Reliance – Paid Investment Professional NET*: National, by Year
21
2.8: Sources for Investment Information and Advice – Reliance, Go-To/Primary: by Generation, 2020
22
2.9: Sources for Information and Advice – Paid Investment Professionals*: by Investable Assets, by Year
23
2.10: Sources for Investment Information and Advice – Paid Investment Professionals*, Go-To/Primary: by Investable Assets, by Year
24
2.11: Sources for Information and Advice With Degree of Reliance – Employer*: National, by Year
25
2.12: Sources for Information and Advice With Degree of Reliance – Employer*: by Generation, by Year
26
2.13: Sources for Information and Advice With Degree of Reliance – Employer*: by Lifestage, 2020
27
2.14: Sources for Information and Advice With Degree of Reliance – Online*: National, by Year
28
2.15: Sources for Information and Advice with Degree of Reliance – Online*: by Lifestage, by Year
29
2.16: Sources of Information and Advice with Degree of Reliance – Online*: by Investable Assets, by Year
30
Key Finding # 3: Online investment information activities related to content like videos, webcasts, planning tools and calculators are growing faster than activities related to transactions.
3.1: Count of Online Investment Information and Advice Activities: National, by Year
31
3.2: Online Investment Information Activities by Device: National, 2020
32
3.3: Online Investment Information Activities (Net Any Device): National, by Year
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3.4: Online Investment Information Activities (Net Any Device), Among Households with $2M+ In Investable Assets: by Year
34
3.5: Online Investment Information and Advice Activities (Net Any) by Device Type: National, by Year
35
3.6: Involvement in Online Banking and Payments by Device: National, 2018-2020
36
3.7: Use Financial Planning Tools / Calculators by Device: National, by Year
37
3.8: Use Financial Planning Tools / Calculators by Device: by Generation, by Year
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3.9: Use Financial Planning Tools / Calculators by Device: by Investable Assets, 2020
39
3.10: Use Financial Planning Tools / Calculators by Device: by Generation, by Investable Assets, 2020
40
3.11: Crosstab of Attitude “I enjoy thinking about money” by Use Financial Planning Tools / Calculators by Device: National, 2019
41
3.12: Crosstab of Attitude “I am on track to accumulating the savings I'll need to retire” by Use Financial Planning Tools / Calculators by Device: National, 2020
42
3.13: Crosstab of New Need “Teaching me about investing” by Use Financial Planning Tools / Calculators by Device: National, 2019
43
3.14: Crosstabs of Select Goals by Use Financial Planning Tools / Calculators by Device: National, 2020
44
Key Finding # 4: The majority of affluent consumers blend advice from financial professionals and online sources.
4.1: Use Both Any Financial Professional and Online as Sources for Investment Information and Advice: National, by Year
45
4.2: Use Both Any Financial Professional and Online as Sources for Investment Information and Advice: by Age, by Investable Assets, 2020
46
4.3: How Blend Advice from Any Financial Professional & Online: National, 2020
47
4.4: How Blend Advice from Any Fin Pro & Online – Do Integrate Advice from Any Fin Pro & Online: 2020
48
4.5: How Blend Advice from Any Fin Pro & Online – “Do my own research first on the internet, then call or visit a financial professional or branch to validate my findings” by Respondent Age, by Investable Assets, 2020
49
4.6: How Blend Advice from Any Fin Pro & Online – “Use the Internet to monitor accounts that are managed by my financial professional”: 2020
50
4.7: How Blend Advice from Any Fin Pro & Online – “Let financial professionals make decisions for me, but double check their decisions using the Internet”: by Respondent Age, by Investable Assets, 2020
51
4.8: How Blend Advice from Any Fin Pro & Online – “Manage some accounts on my own with the internet; hire financial professionals to manage others”: by Respondent Age, by Investable Assets, 2020
52
Data Dictionary
53-58
Appendix
59
Glossary
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