A hybrid professional advice model has a significant part to play for building a structured financial plan
The research shows that over half of investors (54%) do not have a well-developed long-term financial plan –but that those who do, are four times more likely to say they’re very confident about achieving a financially secure retirement than those without a plan. We also see that those receiving professional advice (digitally or in person) are almost three times more likely to have a plan than those not receiving advice – indicating the important role advice plays in its many forms.
Digital only investors (19%), though, are far less likely to access professional advice (whether in-person or digitally), meaning they are less confident about their investment decisions (62% vs 69%) and less confident about achieving their investment goals.
Findings also show that retail investors value professional investment advice from a human particularly when it comes to long term financial planning.
However, even analogue investors are interested in improving their knowledge and exploring investment options online. This demonstrates the need to explore adopting a hybrid model in order to meet investor needs holistically.