There’s a difference between saying you’ll do something and actually doing it – but a new report claims that the willingness to pay for financial advice has risen sharply since 2008, and most sharply among younger investors.
About half of investors said they were interested in paying for financial advice when they were polled in late 2016, up from 40% in 2008, according by Cerulli Associates, InvestmentNews reports.
While those with more assets were more likely to be willing to pay for that counsel, 79% of investors ages 30 to 39 were interested in paying for financial help, according to the report. Moreover, about 73% of those under 30 said they were willing to pay for advice, compared to:
- 54% of those 40 to 49
- 44% of everyone 50 and older
While there has been a sense that younger investors – certainly ones with smaller accumulations – might prefer to tap into robo advice offerings, the Cerulli report suggests that “consumers facing complex decision processes repeatedly choose to include humans in their service selections,” according to InvestmentNews.
