A new survey conducted by Legg Mason suggests that high-net value investors will reject robo-investment advice and will stick with their existing financial advisors and investment managers.

Of the 5,370 high-net worth investors aged 40-75 sampled across 19 markets, 69 per cent of investors expressed trust in their existing financial advisor while just over a third said they trusted the online investment management sites based algorithms.

The sentiment appears to be shared overseas, with just 39 per cent of respondents globally expressing trust in online advice. Only blogs and online forums are less trusted than online advice among UK investors, the study found.

As many as 68 per cent of the sample said they preferred to seek the views of the media, or their family, while 55 per cent said they would place trust in their colleagues.

Adam Gent, head of UK sales at Legg Mason, said: “The survey clearly suggests that, while many robo-advisers are targeting wealthy clients who have traditionally used an IFA or wealth manager, they have a real struggle ahead to persuade investors to make the switch”.

“Robo-advice is a relatively new concept in the UK so it may be that it grows in popularity over the coming years. But the bottom line appears to be that wealthy investors, at least for the time being, simply prefer the personal touch that face-to-face advice delivers, both here and abroad”.

(FTAdviser, Abi Stidworthy)

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