DIY Investors and Advisors Are Sharing the Same Clients

The traditional split between do-it-yourself investors and financial-advisor clients is becoming less distinct, according to new research from Crisil Coalition Greenwich.

The firm’s 2026 Wealth Study surveyed more than 5,000 individual investors. Among those with $100,000 to $5 million in investable assets, 67% worked with a financial advisor and 54% held self-directed accounts at firms such as Fidelity Investments, Vanguard, Charles Schwab, E-Trade, Merrill Edge or Robinhood. About 22% used both types of services and were classified as hybrid investors.

The study found similar risk preferences among investors with $2 million to $5 million in assets. At least 26% of advisor-only clients, 28% of hybrid investors and 25% of self-directed investors said they would take greater risks for the possibility of higher returns.

The groups differed in their views on advice and fees. Fifty-eight percent of advisor-only clients preferred working with an investment professional who could address investments, insurance, banking and taxes together. That figure was 49% among hybrid and self-directed investors.

When asked to choose between paying more than 1% for an advisor and 0.1% for a digital service, 7% of advisor-only clients chose the digital option. The shares were 22% for hybrid investors and 29% for self-directed investors.

Hybrid investors reported weaker ties to their advisors. Fifteen percent were actively considering changing advisors or would consider doing so, compared with 9% of advisor-only clients. Twenty percent said they would be “not at all likely” to follow their advisor to another firm if the advisor changed employers, compared with 11% of advisor-only clients.

Nathaniel Brown, director of client development in wealth management at Coalition Greenwich, recommended that advisors ask clients about accounts held elsewhere and learn why those accounts remain separate. He also called for clear explanations of fees and services and systems to identify early signs of dissatisfaction.

The study noted that a self-directed account does not always indicate that an advisor is at risk of losing a client. Some investors use advisors for financial planning while managing part of their portfolios themselves. Others may move more assets to an advisor later.

Aaron Gaines of Gaines Capital Management in Smyrna, Georgia, works with clients who manage some investments themselves. “I actually like working with self-directed investors,” Gaines said. “They’re engaged, knowledgeable and genuinely interested in their financial future. I don’t view a self-directed account as competition with the advisor relationship.”

Gaines focuses on making sure clients’ accounts support the same retirement plan, even when he does not manage every asset. John Bell of Free State Financial Planning in Highland, Maryland, serves families that manage their own portfolios but pay for planning. He described advice-only relationships as a fit for clients seeking a second opinion on taxes, retirement and investment decisions.

Held-away accounts can limit an advisor’s view of a client’s overall portfolio. Michael Espinosa of TrueNorth Retire warned that undisclosed trades can change a client’s risk level or create unexpected tax consequences. His firm is seeking to manage more of those assets so it can coordinate investment decisions.

Gregory Guenther of GRANTvest Financial Group reported that many sophisticated investors want to remain involved in managing their finances. His firm provides guidance on taxes, retirement income, estate planning, risk management and major financial decisions while allowing clients to manage part of their assets themselves.