It's not a matter of convenience; it's a matter of credibility.
That's the big takeaway from a PricewaterhouseCoopers analysis of more than 1,000 high net worth individuals who have $1 million or more to invest.
A whopping 52 percent of high net worth individuals are worried about being taken advantage of by wealth managers and 55 percent worry they'll lose money, according to the survey. And this could translate into a new opportunity for the budding class of robo-advisors out to compete with Wall Street.
"Unfortunately, the vast majority of wealth managers today are failing to service the breadth of their clients' needs," said Michael Spellacy, senior partner at PwC.