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IFAs win against robo-advisers according to new survey

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A new survey from Minerva Lending plc finds that higher net worth UK investors most trust the advice of independent financial advisers (IFAs).

Just over three quarters (77 per cent) of the 1,000 people polled with GBP50,000 or more to invest said they trust their own judgement when making investment decisions, while a similar amount (72 per cent) said the same of advice provided by an IFA.

Interestingly, the survey found that this was more than double the amount of respondents polled (35 per cent) who said they would trust a stockbroker to make investment decisions on their behalf.

The other major finding from the Minerva survey is that robo-advice companies and firms offering software-based investment management tools have yet to win the faith of more experienced, or higher net worth, investors.

Just one in 10 active investors (12 per cent) said they would trust a robo-adviser to make an investment decision on their behalf, and 22 per cent a standalone piece of software.
Also ranking highly as an advice source when making investment decisions was personal contact, namely ‘word of mouth’ from family and friends. Three in five (60 per cent) active investors polled said they would make investment decisions on the back of this.

Ross Andrews, Director, Minerva Lending plc, says: “IFAs should be genuinely encouraged that nearly three quarters of active investors would trust them to make investment decisions on their behalf. For robo-advisers and software-based investment management tools, the survey results are less uplifting. It seems that far more people with bigger sums to invest trust manual decision-making processes, whether by themselves or an IFA.”

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