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