Three-quarters of Canadian investors say they need financial advice to come from a human, according to new research from the Investment Industry Regulatory Organization of Canada (IIROC).
Together with the Strategic Counsel, IIROC surveyed over 2,000 current and aspiring investors and found that the majority of both favoured human advice.
Seventy-four percent of current investors (62% of aspiring investors) said they need their financial advice to come from a human, and 91% (69% of aspiring investors) said it’s important for the advice to be personalized to their specific needs and goals.
The survey found that the percentage of Canadian investors who preferred receiving advice from a human increased with age, with 82% of seniors (aged 65 and older) saying they value human advice.
The majority of Canadian investors (86%) also said it’s important to access a range of financial products and services without having to go to different providers. They also said it was important that they receive the financial advice they want when they want it (90%).
Additionally, almost half of current investors (48%) said they want advice to consider the needs of their immediate family.
Find out more about IIROC’s survey, Access to Advice.
Source: Investment Executive