Advice and technology: Catalysts of change

What prompted people to make their last investment purchase? The most important catalyst was conversations with friends, family or discussions with a professional financial advisor.

More and more though, Latin Americans complement these conversations with digital resources and tools.

22% of financial decision makers in Latin America use professional financial advice – less than the global average.

While use is low, 97% of Latin Americans who do are “satisfied” or “very satisfied with the service they are receiving, highlighting this relationship’s value.

Use of Financial Advice in Latin America

Consistent with where they have most of their wealth, Latin Americans largely consult advisors working for Private or Commercial Banks.

In addition, banks lead among the top online sources guiding investors’ long-term saving and/or investment decisions.

Advice Sourcing Decisions in Latin America

Latin Americans’ integration of technology and finance goes beyond online banking, to include researching and reviewing their investments. Led by younger investors’ preferences, digital channels are becoming increasingly important to educating and helping investors make better decisions.

The Financial Activities Done Online by Latin Americans

The new digital investor is not turning away from personal advice, rather, it is using the technology as a complement. Latin American investors seek technology and personalized advice, not either/or. Among those interested in robo-advisors and who do not currently use an advisor, 90% would consider using a professional advisor in the future.

The marriage of financial advice and technology is the future.