Powering hybrid
advice in Canada

KEY FINDINGS

Digital is changing how investors perceive “advice.” While robo-advice seems to be working for general advisement, investors will still require human advisors more so for more complex situations. But 30 percent of investors are open to using non-traditional companies like Google for basic financial advice.

Clients want the flexibility of hybrid advice. Participants in our survey told us that if a firm does not have the right digital tools, it won’t make their short list. But, when dealing with issues that require a customized approach, investors still indicate they want the human touch. Six in 10 Canadian investors still prefer a human as a source for new wealth management ideas.

The hybrid model can also deepen client engagement. Investors in the hybrid model are significantly more likely to have sought and received financial planning assistance than investors in any other model. They are also more likely to have talked to their advisor about their children’s financial needs (72 percent versus 53 percent for traditional advisor model).