A new survey finds that more than two-thirds of Boomers and Gen Xers “don’t really trust online advice.”
Moreover, while just over a third (35%) of respondents said they have some interest in working with a robo-advisor (46% of Gen Xers and 24% of Boomers), only 1 out of 10 said they would be comfortable having their relationship with their financial advisor exist entirely online, according to “Generations Apart,” a recent study from Allianz Life Insurance Company of North America.
More than three-quarters (76%) said they believe “there’s so much selling online that it’s hard to trust the financial advice.”
The Generations Apart study revealed that more than half (57%) of both generations spend about 1-3 hours a day online outside of work, and that 40% of respondents said they “regularly” visit financial websites, with 13% making daily visits and 22% doing some trading/investing online.
However, this connectivity has a downside: 42% of respondents agreed with the statement, “there’s nothing a financial advisor can tell me that I can’t find out online.”
Asked what the most valuable things a financial advisor currently does or could do for them, both generations cite support that would be difficult or impossible to obtain solely online via robo resources, including:
- helping them plan, set and achieve long-term financial goals;
- making sure they have enough money to last as long as they live; and
- helping them understand their financial big picture (spending, saving and retirement).
The Allianz Generations Apart Study was conducted by Larson Research + Strategy via online interviews in November 2014 with 2,000 U.S. adults ages 35-67 with a minimum household income of $30,000, and was commissioned by Allianz Life.
