The traditional advice and guidance model whereby investors pay fees for their investment selections and receive advice for free isn’t resonating among older investors, according to a study by Hearts & Wallets. These older investors would prefer to pay for personalized advice from a trusted, reliable source.

“The financial services industry has a tremendous opportunity to enhance the model and vastly improve its ability to help investors meet their goals based on our concept tests,” said Chris Brown, a principal of Hearts & Wallets. “If someone offered you free advice, how much trust would you have in that advice? Today, the industry has a very confusing fee structure. Investors want to know what they are paying for, and fee clarity is a major trust driver as our prior research has shown.”

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