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While the latest consensus may be that investors are interested in digital advice, new research suggests that the actual adoption rate is low for older American investors.

The exception is among wealthier investors who, regardless age, are more likely to be using digital advice, finds a report by global research and consulting firm Cerulli Associates.

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Investors aged 30 to 39 exhibited the greatest enthusiasm for digital advice, with interest steadily declining among those aged 70 and older, finds the report.

But examining investors’ inclination to use these platforms from a wealth perspective reveals a slightly more nuanced result.

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“While interest in lower wealth tiers was more muted, investors with more than $2 million of investable assets express substantial increases in their willingness to engage with digital providers,” said Scott Smith, director at Cerulli, in a release.

High-net-worth investors are “more aggressive” in diversifying their sources of advice, he said. “For example, more than one-quarter of investors over 70, with $2 million to $5 million in investable assets, would consider online only engagement.”

This suggests there is a market for providers to incorporate digital platform features for clients approaching or in retirement, he said.

Read: Are robos regulated like humans?

Originally published on Advisor.ca
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