Behavioral research

Quantifying the value of human and digital advice

April 22, 2022

Investors with human advisors are unlikely to switch to a digital service
A survey question asks human-advised investors: “If you had to leave your current [human] advisor today, what type of advising relationship would you search for in the future?” A bar chart shows that 76% of those investors replied that they would seek out a human advisor, and 17% would seek a service combining a digital advisor and human advisor. Only 4% would search for a digital advisor or service, and 3% would not search for a new advising relationship and would manage their investments on their own.
Investors with digital advisors are likely to switch to human advisors
Another survey question asks investors who use digital advisors how willing they are to work with a human financial advisor in the future. A bar chart shows that 88% replied that they were willing to do so, 6% were indifferent, and another 6% were unwilling to work with a human advisor.
Investors value both human and digital advice
Key takeaways for advisors

Contributors

Paulo Costa, Ph.D.
Vanguard Information and Insights

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