The majority of Canadians are looking for advice to manage their money, but they want to have the final say as to whether they invest or not.
A study released Thursday by Toronto-based BMO InvestorLine reveals that 73% of Canadian investors believe it’s important to seek advice about managing their investments, whether it’s on what to buy or sell or making sure that their portfolios are properly diversified.
This sentiment is strongest in Ontario, according to the study, where 79% of survey respondents said they want advice about managing their investible assets.
Investors in Manitoba and Saskatchewan, on the other hand, are less likely to ask for professionals advice with only 64% of survey respondents saying they needed help managing their investments.
Despite their appreciation for investment advice, Canadians want to reserve the final decision on financial matters for themselves, suggest the BMO study. Fifty-seven per cent of the people surveyed said they wanted to have the final say in what investments they commit to for their portfolios.
The study’s results come from an online survey of 1,000 Canadian adults. The Toronto-based public opinion and market research firm Pollara conducted the survey on BMO’s behalf between Nov. 22 and 27, 2012.