A current study of almost 1,600 U.S. grownups discovered that almost two-thirds of participants are open to the concept of utilizing algorithm-driven monetary preparation services, or “robo-advisers,” for handling financial investments however really couple of do so. The survey by individual financing website MagnifyMoney discovered that 63% of customers are open to utilizing a robo-adviser, with millennials being the most open at 75%. However, simply 41% of participants utilize a monetary consultant, with just 1% utilizing robo-advisers.
The study likewise discovered that of participants who don’t have a monetary consultant, 44% stated consultants are too pricey, with 80% happy to a minimum of think about getting a robo-adviser if they understood it would be less pricey. Still, just 16% of participants stated they’re totally well-informed about how monetary consultants’ charges are structured, with guys almost two times as most likely to state so than ladies.