While investors have increased their utilization of online investor tools, the demand for formal financial advice remains strong, even among tech-savvy younger investors, according to the latest Cerulli Edge—U.S. Advisor Edition.

Although online tools may make it easier for retail investors to track their budgets and manage their investments, investors are still hesitant to fully outsource investment advice to such tools. Cerulli’s research finds just 25% of investors in their 50s—and just 9% in their 70s—prefer an online-only investment advisor.

Even though younger households may be more likely to say they prefer online-only engagement, only 36% of those who find online tools to track financial goals essential also prefer online-only advice. In contrast, 46% say they would rather have a human advisor as part of their financial advice relationship.

“Affluent investors continue to find value in having a trained financial professional in their corner, with whom they can discuss their financial plans and goals,” says John McKenna, senior analyst. “Retail investors also place a high degree of importance on whether their financial provider has a strong website where they can easily access and view their full financial picture,” he adds.

Among tools considered most important, account aggregation is ranked highly. As a key component of financial planning software tools for bringing in held-away assets, 72% of affluent investors believe it is important. Not only are such tools considered essential to an advisory relationship, but they are also likely to be used, with 63% of affluent investors saying they have already used online tools to better understand their financial situation.

Financial advisors who incorporate tools that investors use regularly to complement their service offering will be well positioned to retain and grow investor relationships. “It is essential for financial advisors to ensure their technology stack is both comprehensive and user-friendly for clients, so it can be used to facilitate meaningful, in-depth client conversations and actionable, trackable insights,” he concludes.