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Millennials Extra Open to Robo-Advisors Than Different Generations: MagnifyMoney

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Millennials Extra Open to Robo-Advisors Than Different Generations: MagnifyMoney

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How A lot Does a Monetary Advisor Value?

Of survey respondents who would not have a monetary advisor, 44% mentioned they’re too costly, and 43% mentioned they handle their very own investments and funds. Eighty % mentioned they’d a minimum of contemplate getting a robo-advisor in the event that they knew it will be more cost effective.

Sadly, nearly all of People are at the hours of darkness about how advisor charges work. Almost half (49%) of People mentioned they have no idea how monetary advisors’ charges are structured, whereas 36% say they’ve solely a obscure concept about them. Simply 16% of survey members presupposed to be absolutely educated about how monetary advisors’ charges are structured; males have been almost twice as possible as girls to say so.

Since most advisor charges are based mostly on property underneath administration, they might be extra reasonably priced than some assume, particularly for these with fewer property, in keeping with MagnifyMoney.

Many individuals appear to assume they should have a big quantity of property earlier than they need to get a monetary advisor. Greater than a 3rd of these surveyed mentioned an investor wants $100,000 or extra. Solely 28% mentioned traders ought to get an advisor if they’ve lower than $25,000 in property.

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