(January 9 – 10:00 ET) – Canadians rate financial advisors as their top financial information source according to the findings of “Canadians and Financial Advice”, a newly released study.

The study from Ipsos-Reid examines, among other things, the impact of the Internet on the financial services industry.

According to the study, 60% of Canadians surveyed by Ipsos-Reid rated financial advisors an “important” source of information, citing investment professionals well ahead of 10 other sources, including books on investing, family, friends and the Internet.

However, only 32% said they valued material sent from a financial advisor, and 20% said the Internet was a significant source of financial information (about the same level as friends and books).

Just 11% said they expected to use a professional financial advisor less often in the future because of the Internet, and 13% said they would make use of a “virtual” professional advisor over the Internet, if the service was provided by a reputable financial institution.

Internet users in the survey said that in the past month, 40% used the Internet to track how their investments are doing. Overall, 61% called the Internet a “reliable” source of financial information.

About 42% of respondents had used the services of a professional financial advisor in the previous 12 months, and of those 65% said they were satisfied with the service they received. The most satisfied respondents were those over age 55.

“When it comes to advice about money, the Internet is not going to be, or is not yet, a substitute for relationships with professional advisors. Even though there are more people than ever using the Internet, the human touch provided by investment professionals remains critically important to Canadians,” said David Saffran, an Ipsos-Reid senior vice president and leader of the company’s financial services practice.