A recent survey of nearly 1,600 U.S. adults found that nearly two-thirds of respondents are open to the idea of using algorithm-driven financial planning services, or “robo-advisers,” for managing investments but very few do so. The poll by personal finance site MagnifyMoney found that 63% of consumers are open to using a robo-adviser, with millennials being the most open at 75%. However, just 41% of respondents use a financial adviser, with only 1% using robo-advisers.
The survey also found that of respondents who don’t have a financial adviser, 44% said advisers are too expensive, with 80% willing to at least consider getting a robo-adviser if they knew it would be less costly. Still, only 16% of respondents said they’re fully knowledgeable about how financial advisors’ fees are structured, with men nearly twice as likely to say so than women.
