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The milléniaux in canada show an interest in the robots-advisers

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1 March 2019 13:30

If Americans are not willing to leave their financial advisor human for a robot-adviser, the milléniaux Canadians, whether they are investors or not, are two times more likely than generations before to appeal to a robot-adviser to build their financial portfolio, reveals a study from theAngus Reid Institute.

Several aspects explain this trend, according to the Institute. First, young people aged 18 to 34 years were less likely to want to hire a single counsel designated in relation to their older peers. Indeed, one respondent in this age group in five has no financial advisor and 19%, consult more than one.

“This younger group has a higher inclination to purchase online or to make himself the management of their investments,” write the authors of the report.

The 35 years and older are more satisfied

In addition, the level of satisfaction vis-à-vis the industry plays a role in the willingness of milléniaux Canadians to appeal to the robots-advisers.

The Institute says that Canadians 35 years of age and demonstrate a level of satisfaction significantly higher for the industry compared to milléniaux, both for the quality of the time spent with a financial adviser, and the total cost. Two-thirds of the people surveyed have admitted that the charges they pay are fair and that they have confidence in their advisor to give them sound advice and neutral.

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