Young investors are willing to pay for financial advice
Even amid today's strong markets, investors are happy to pay for expert advice on their investments. Those were the findings from a recent study performed between January and September 2016 by Cerulli Associates, a Boston-based research and consulting firm.
Half of the approximately 5,500 participants agreed with the statement, "I am willing to pay for advice regarding my financial investments." That's up sharply from 2009 — the same year the S&P 500 Index hit its nadir — when 38 percent of investors said they would shell out for advice.
The increase in investors' willingness to pay for advisors' expertise comes at a time when robo-advisors have made investment advice available via algorithms for as low as 15 to 35 basis points.