Canadian investors want transparency and low fees, and 40% say they don’t “get what they pay for” when using a traditional wealth advisor, finds a study from Accenture. This has led these investors to explore other options, such as robo-advice, notes the firm.
So as digital-investment platforms continue to make inroads with investors, Accenture says traditional wealth management models will need to adapt.
Some additional findings include:
- 70% of Canadian investors already use at least one digital tool or service when investing;
- 50% would consider using new technology entrants if they provided broader product offerings; and
- 44% value a company that will save them time over a company that charges the lowest fees.
The study also looks at what Canadian investors are focused on in an uncertain economic environment.
- 90% do not consider themselves aggressive when investing.
- 63% say retirement is a prime concern.
- 50% view keeping money safe as a priority.
- 49% of baby boomers are cautious about fees.
The survey was conducted in early 2017 with 272 Canadian respondents.
Also read:
Advisors missing the mark with self-directed investors
Advisors who don’t discuss fees risk losing clients: survey
Banks to CSA: robos not ‘attractive alternative’ in event of commissions ban