It is perhaps not a surprise that a wealth advice firm's survey finds that most investors it surveyed value advice and its impact, but the results are reassuring to a sector that often wonders what modern tech such as AI might eventually bring.

A study of 2,000 investors in Hong Kong and Singapore by St James’s Place Asia finds that 76 per cent of respondents value advice and say their counsel has made them wealthier.

The report, carried out in February and March this year surveying 1,000 Hong Kong and 1,000 Singapore investors, said financially abundant respondents are far more likely to engage with financial advisors than those who are financially stable (71 per cent vs 32 per cent). Respondents that fall within the “abundant” group are also most likely to make better decisions as a result of financial advice (76 per cent vs 37 per cent) and to advocate for earlier and greater engagement with financial advisors (73 per cent vs 36 per cent).

All respondents were from households with a minimum annual income of HK$400,000 (S$70,000) to over HK$1.5 million. By “financial stability,” the study said a person has sufficient money after monthly expenses are paid to save a portion of income; by “abundance,” a person is financially stable and has more than enough to be likely to use in a lifetime.

Overall, almost six in 10 (59 per cent) of respondents rate their personal financial management needs as complex, highlighting the need to bridge the education and experience gap among less wealthy cohorts. Some 82 per cent in all financial categories worry about the rising cost of living.

Younger Hongkongers and Singaporeans are keen to get their foot in the door early with financial advisors, which St James’s Place said bodes well for the future of the wealth sector. It said that 46 per cent of Hongkongers and Singaporeans aged between 27 and 39 have consulted a financial advisor, compared with 31 per cent of those aged between 50 and 69, with the overall average being 40 per cent.

While perhaps unsurprising, given that the survey was conducted by a financial advisory group, the SJP study also suggests that affluent/HNW clients in Asia continue to require support from human advisors. In recent years there has been debate on how much of the wealth management value chain can be digitalised and automated.