Study Finds 22% of Affluent Investors Use Both Advisors and DIY Accounts

Nearly one-quarter of investors with $100,000 to $5 million in assets use both self-directed accounts and financial advisors, according to a study released this week by Crisil Coalition Greenwich. The findings blur the wealth management industry's traditional dividing line between DIY investors and advised clients. The survey of more than 5,000 investors found 67% worked with an advisor this year and 54% maintained self-directed accounts at Fidelity, Vanguard, Charles Schwab, E-Trade, Merrill Edge or Robinhood. Among those with $2 million to $5 million, researchers said "common stereotypes about self-directed investors are not necessarily true." Hybrid investors proved less loyal: 15% said they were considering changing advisors, versus 9% of advisor-only clients, and 20% said they were "not at all likely" to follow an advisor to a new firm. Advisors quoted in the study said they generally welcome self-directed accounts rather than treating them as competition.