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Certified financial planner (CFP) vs robo-advisor statistics

Just 4% of Irish adults get stock advice from a CFP compared to 2% who use a robo-advisor.

Nearly 1 in 5 adults in Ireland say they receive stock trading advice. But where do they get it from? Finder conducted an online poll of 1,211 internet users aged 18 and over in August 2022 to find out.

How many people use a CFP in Ireland?

A traditional source of financial advice is a certified financial planner. However, only 4% of Irish adults, the equivalent of 136,300 people, say they use one for stock trading advice. Women are 1 percentage point more likely than men to get investing advice from a financial planner (4% vs 3%).

How many people use a robo-advisor in Ireland?

Only 2% of the adult population, an estimated 77,000 people, rely on a robo-advisor for investing advice. Those who fall into the gen Z demographic – those aged 18–24 – are the most likely to use a robo-advisor at 6%. This is followed by younger and older millennials aged 25–34 (4%) and 35–44 (3%).

So where do most people get their stock trading advice from?

The majority of adults get their stock trading advice from online news sources (9%). Family and friends are the next biggest source of advice (6%), followed by CFPs (4%), social media (3%), audio and video (3%) and robo-advisors (2%).

Men are more likely to seek stock trading advice (23% compared to 16%) but are much more likely to use online news as a source of advice than women. The only source of advice that women are more likely to rely on than men is a CFP.

Young adults are most likely to get trading advice from family and friends (10%) with those aged 45–54 the least (4%). Unsurprisingly, it’s also young adults who are most likely to get advice from social media (6%) and video and audio sources (6%).

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