An overwhelming number of Canadians who use a robo-advisor platform identify the service as “much better” or “better” than traditional banking and investing offerings, according to a survey conducted by Young and Thifty, a website dedicated to personal finance for millenials.
Specifically, 77% of survey respondents prefer robo-advisors to traditional banking whereas only 3% prefer the latter.
One of the bigger advantages of a robo-advisor is that they encourage more Canadians to save for retirement. In fact, 59% of survey participants say they’re more likely to invest in their retirement with a robo-advisor.
Survey respondents say they’re drawn to robo-advisor platforms because of low fees (56%), ease and convenience (29%), and investment returns (5%).
Notably, respondents were not particularly bothered by the absence of face-to-face investment advice. For example, 49% of participants report satisfaction with email or chat responses, 17% say the robo-advisor initiated a helpful phone call, and 26% say they didn’t need human support at all.