Human advisors are leaving investors more satisfied than digital advisors, but by a narrow margin

Recent research by the New York-based Financial Planning Association suggests that U.S. investors want to access financial advice both through technology and through a human financial advisor.

In the FPA’s “High-Tech and High-Touch: Investors Make the Case For Converging Automated Investment Platforms and Financial Planning, 73 percent of respondents primarily working with a roboadvisor indicated that they’re satisfied with their level of service.

By comparison, 75 percent respondents who rely on a human financial planner for advice reported being satisfied with their level of service.

Overall, 75 percent of the survey participants said they were satisfied with their current source of financial advice.

When roboadvisor-using respondents were asked to name reasons for their satisfaction levels, 81 percent said that they felt confident that their automated investment platform supports their financial planning goals. Yet 40 percent said they felt uncomfortable using their roboadvisor during times of volatility.

While Americans are happy using roboadvisors, they are more satisfied when they have access to a hybrid robo-human solution, according to the FPA. Many respondents, 39 percent, felt comfortable using either a financial planner or a roboadvisor for investment planning.

“There is an opportunity for financial planners/advisors, especially those who are CFP professionals, and automated investing platforms to collaborate for the benefit of the client,” says 2016 FPA President Pamela Sandy in a released statement. “Technology is rapidly changing the way people invest and manage their finances, but clearly investors value the high-touch financial advice afforded by professionals. Those investors who utilize the benefits of technology and maintain a face-to- face relationship with a qualified financial planner, like a CFP professional, will be best positioned to meet their financial goals and achieve financial security.”

Respondents who used traditional human advisors expressed satisfaction with services they received regarding estate planning, tax planning and retirement.

For the study, the FPA and online financial site Investopedia surveyed 2,002 residents of the U.S. over the age of 21 between August 25 and September 14, 2016.