Millennials still prefer human expertise over AI
Only five per cent of UK millennial investors use robo-advice services, with human expertise being preferred over AI technology.
Results from GlobalData’s recent ‘UK Investors Survey’ showed face-to-face communication is the primary method for arranging the buying and selling of investments.
Using an independent financial advisor is the most preferred method, accounting for 37 per cent, with a financial planner with their main bank/financial institution accounting for 27 per cent.
Wealth Management Analyst at GlobalData, Sergal Woldemichael said digital services provided advantages for wealth managers, but pigeonholing millennials as the digital generation isn’t accurate.
“Robo-advisors can reach new demographics such as the mass affluent, as well as offering operational efficiencies through the automation of tasks,” Woldemichael says.
“However, our survey data shows that the vast majority of the more digitally advanced younger generations still require human interaction and expertise before they will make an investment decision.’’
AUTHOR
Chris Dastoor
Recommended for you
AMP non-executive director Kathleen Bailey-Lord and Iress non-executive director Susan Forrester have been appointed to the national board of the Australian Institute of Company Directors.
Wealth manager JBWere has announced the launch of two fixed income strategies for wholesale clients, backed by UBS Asset Management.
Firetrail Investments has confirmed the departure of four executives over the last quarter, including head of investment strategy Anthony Doyle.
Ares Management has announced a new offering aimed at providing Australian wholesale clients, investors access to its private equity investment strategies, anchored in secondary investments.
