According to a study by Million Dollar Round Table, 'Americans have not outgrown human advisors'. The study goes on to report that people prefer the personal touch of a human advisor coupled with cutting-edge technology. While the study focused on financial services professionals and was based upon survey data conducted online between November 1st and 5th of 2018, it only included 2,008 adults within the United States ages 18 and older. Of these individuals only 771 of them had business relationships with financial advisors.
A growing number of financial service companies are already making use of 'robo-advisors;' however, the study found that only 36% of those participating in the survey would trust a 'robo-advisor' to effectively manage their financial requirements, while 83% would trust a 'human financial advisor' to do so.
85 percent of Americans prefer working with a human financial advisor rather than a robo-advisor
Another interesting finding from the survey found that about one-third of the participants had concerns that 'human advisors' might not have the same accuracy regarding financial management as a 'robo-advisor.'
This article is only a brief summary, you can find the MDRT press release with a link to the full study, survey and a PDF graphic at this official MDRT website.
Source Reference: MDRT Study Finds Consumers Want Technology to Complement, Not Replace Human Financial Advisors. Million Dollar Round Table - The Premier Association of Financial Professionals; 3225 West Touhy Ave., Park Ridge, IL (USA).