Man vs. Machine: Who Would You Rather Get Money Advice From?

Man vs. Machine: Who Would You Rather Get Money Advice From?

You’ve likely heard about the technological revolution—the one that’s replacing librarians with Google search and doctors’ appointments with visits to WebMD.

But when it comes to the realm of financial advice, it seems that we still place a high value on a personal touch.

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That’s according to a new survey, conducted by Gallup and Wells Fargo, which found that Americans are more than twice as likely to use a financial adviser than a financial website for guidance on investing and retirement planning.

While nearly half (44%) of investors said they see a personal financial adviser, just 20% said they utilize an online financial planning or investing website. About one-third said they’ve called into a financial advisory firm and spoken to an adviser, while 29% get advice from friends and family.

Interestingly, the study also found that men were significantly more inclined to use a financial planning website than women (25% vs. 14%)—though the reasons why are unclear. However, many professionals have pointed out that, for women, meeting with a financial adviser is often about more than just finding out what to do with their money. Some women also need to deal with the emotional effects of being in financial trouble.

Ultimately, there’s no indication that, when it comes to investing or planning for retirement, consulting an in-person financial adviser is wiser than taking advice from a website—or vice versa. This research only serves to reinforce the idea that people have different needs and strengths when it comes to managing their money—and the best plan is to do what helps make you feel most in control.

LearnVest Planning Services is a registered investment adviser and subsidiary of LearnVest, Inc. that provides financial plans for its clients. Information shown is for illustrative purposes only and is not intended as investment, legal or tax planning advice. Please consult a financial adviser, attorney or tax specialist for advice specific to your financial situation. Unless specifically identified as such, the people interviewed in this piece are neither clients, employees nor affiliates of LearnVest Planning Services, and the views expressed are their own. LearnVest Planning Services and any third parties listed in this message are separate and unaffiliated and are not responsible for each other’s products, services or policies.

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