DIY Investors Increasingly Seek Human Advisors as Portfolios Grow: JD Power

Why It Matters

The shift promises new revenue streams for traditional brokerages while pressuring fintechs to broaden advisory capabilities, and firms that ignore wealth‑transfer planning risk losing assets across generations.

Key Takeaways

• 47% of affluent DIYs plan advisor within year
• 52% of robo‑advice users intend human advisor soon
• Wealthsimple leads DIY satisfaction; Edward Jones tops advised segment
• Only 31% of seniors discuss wealth transfer with advisors
• Bank brokerages can capture clients as DIYs mature

Pulse Analysis

The JD Power Canada Investor Satisfaction Study reveals that nearly half of self‑directed investors with at least CAD 250,000 (about US $185,000) intend to add a human financial advisor to their toolkit within the next twelve months. The propensity is strongest among those with dependents—45% versus 22% for childless investors—indicating that family‑related financial planning is a key driver. Younger affluent DIYers are also showing a clear appetite for professional guidance as their portfolios expand beyond the modest trading accounts that originally attracted them to fintech platforms.

Fintech firms continue to dominate the DIY space on the dimensions of innovation, digital experience and perceived reliability, with Wealthsimple retaining the top spot for a third consecutive year. Yet the same study flags a narrowing trust gap with traditional banks, which still enjoy a legacy advantage in personal relationships. Robo‑advice services appear to act as a stepping stone rather than a substitute, as 52% of their users say they will seek a human advisor soon. This creates a strategic opening for banks to bundle advisory services with their existing brokerage offerings.

The research also uncovers a glaring shortfall in intergenerational wealth‑transfer conversations: only 31% of investors aged 60 + report that their advisor has broached the topic, and a mere 11% involve family members. Advisors who ignore this segment risk forfeiting substantial assets that will flow between generations. Firms that proactively integrate estate‑planning, tax‑efficient transfer strategies and joint‑family meetings can differentiate themselves, deepen client loyalty, and capture the next wave of wealth as DIY investors mature into fully advised clients.