Most affluent Americans are using a financial advisor, and most who don’t use one don’t want one, according to a new survey.
Nearly three-fifths of affluent investors, those with $100,000 or more in investable assets, are using advisors, according to a survey of 3,095 adults sponsored by Fiserv.
When asked why they do not use an advisor, more than half of these investors replied that they are capable of managing their portfolios on their own. Only 11 percent of this group rated their interest in using an advisor as an eight of 10 or higher.
When self-directed affluent investors were ask to grade themselves on their financial knowledge, respondents gave an average grade of “B,” with 31 percent of respondents grading themselves with a “C” or lower.
Two-thirds of the survey’s respondents described themselves as “hands on” with their investments.
Young, urban-dwelling investors seemed more interested in robo-advisors, according to the survey. While just 2 percent of baby boomers and 9 percent of Generation X respondents reported using a robo-advisor, 21 percent of millennials said they were using robo.
Only 4 percent of suburban investors and 3 percent of rural investors were using robos, yet 18 percent of respondents in urban areas were using a robo-advisor.
Fiserv’s research was based on a Harris Poll survey conducted in June. Respondents had used their checking account to pay a bill or make a purchase within 30 days of the survey.