One in 10 Canadians say they plan to leave their advisor and manage their own investments, according to a poll from Finder.com.
Millennials were the most likely to have second thoughts about working with an advisor, with 33.7% saying they either planned to leave their advisor or were seriously considering leaving.
Only 11% of boomers, meanwhile, said they were planning to leave their advisor or were considering leaving.
Respondents who were contemplating ditching their advisor said they were motivated by saving money on fees (54%) and having more control over their money (42%).
Gen X respondents were most concerned about saving money on fees (56%), while millennials were most likely to value the convenience of online investment options (25%). Gen Z respondents were most likely to want to have control over their investments (48%).
Respondents who were married were most likely to say they would fire or would consider firing their advisor (29%). They were also the most likely to have worked with an advisor (66%).
Forty-three per cent of respondents said they had never worked with an advisor.
Men (30%) were more likely than women (20%) to consider parting ways with their advisor. Twenty-nine per cent of men said they felt knowledgeable about their investments, compared with 22% of women.
Respondents in Alberta (13%), Ontario (11%) and Quebec (10%) were most likely to say they planned to fire their advisor.
Finder commissioned Pure Profile to conduct an online poll of 1,143 adults in Canada in November 2020. Online polls cannot be assigned a margin of error because they do not randomly sample the population.