Only 12% of high net worth (HNW) UK investors trust robo-advisers to make investment decisions on their behalf.
According to a survey by fixed rate bond provider, Minerva Lending, HNW individuals still trust the advice of independent financial advisers (IFA)—with 72% of the 1,000 people polled saying they would trust their investment decisions to an IFA.
However, the survey showed the more popular option for investors (at 77%) was their own judgement and using personal contacts came in at 60%.
‘IFAs should be genuinely encouraged that nearly three-quarters of active investors would trust them to make investment decisions on their behalf,’ said Ross Andrews, director, Minerva Lending.
‘For robo-advisers and software-based investment management tools, the survey results are less uplifting. It seems that far more people with bigger sums to invest trust manual decision-making processes, whether by themselves or an IFA.’
Wealth managers also fared poorly in the survey with only 46% saying they would trust a discretionary manager to make their investment decisions.