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
Zenith Investment Partners has appointed an experienced research executive as its new group head of research following the departure of Bronwen Moncrieff.
The financial services technology company has appointed two non-executive directors following its AGM earlier this year, where it flagged it would embark on a board renewal process.
Several wealth management companies have been selected as finalists at the inaugural awards, which champions those who have transformed the Australian economy with their AI solutions.
Money Management’s sister brand Super Review is pleased to reveal that over 120 finalists will compete for trophies at this year’s awards.
