In contrast, 70 percent of those over 55 depend on advisors, with only 17 percent opting for online platforms.
“It’s clear that Canadian investors highly value financial advisors and the guidance they provide. However, there is a tale of two investors split by age in terms of the duration, method, and frequency of financial advice they receive,” said Mario Cianfarani, head of Sales and Distribution, Vanguard Investments Canada Inc.
Cianfarani noted this shift presents both a challenge and opportunity for advisors to offer more holistic wealth management to younger investors.
Although younger investors are more inclined to digital investing, 35 percent of this group reports not fully trusting their financial advisor. Additionally, 47 percent say they lack the time, 39 percent the knowledge, and 42 percent the confidence to manage investments themselves.
Despite these trends, financial advisors remain the primary source of advice for most Canadians, with 89 percent turning to their advisor or bank for financial information.
