The advent of robo-advisors in the money management business has created a new level of competition for human advisors. Many clients who only need basic money management services can use these automated platforms to meet their objectives and achieve their financial goals. But most high net worth investors, those with at least $1 million to invest, are choosing to use both humans and computers to manage their money. They are content to allow robo-advisors perform simple tasks such as portfolio rebalancing and dollar-cost averaging, but they want the human touch applied to more complex operations such as managing stock options and alternative investments.

This trend is backed by a recent study that was conducted by LinkedIn (LNKD) that evaluated the preferences of high net worth investors when they choose a financial advisor. This information is critical for advisors to understand, as one-fifth of the HNWIs who were polled responded that they intended to find a new money manager within the coming year. Millennial respondents were the most likely to change advisors, with over a third of them indicating that they were going to do so, while about a quarter of Generation Xers said that they would find a new advisor. But less than 10% of Baby Boomer clients said that they were in the market for a new money manager.

The study also revealed that the ultra-high net worth investors, those with at least $10 million to invest, said that they were not opposed to using robo-advisors for basic money management chores, but would require a human to accomplish more sophisticated objectives. “Our analysis has found that it is becoming more common for those with over $10 million in investible assets to automate the foundation of their invested dollars,” the study stated.

A separate study from My Private Banking Research found that over 70% of the U.S. and U.K.-based wealthy and affluent investors they surveyed said online investment tools can positively influence a wealth manager’s advice and decision-making process. Their research also uncovered the fact that 43% of high-net-worth investors, and 17% of mass affluent respondents, currently use online wealth management tools.

Dan Egan, director of behavioral finance and investing at Betterment, a robo-advisor, told InvestmentNews, “I think all high-net-worth individuals will have a significant proportion of their wealth held by a robo-advisor for a combination of low cost, tax efficiency, and convenience. [But] they will continue to have financial planners and advisers who add value through the holistic relationship.” (For related reading, see: The Best Robo-Advisors for the Rich.)

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