Digital Financial Tools Can Improve Retirement Readiness, but Can’t Replace Human Advice

Digital tools are becoming a bigger part of the financial advice and wellness landscape, but new research suggests they may work best when their role is clearly defined: helping consumers act, while leaving room for human guidance when financial decisions become more complex.

A recently published report based on a survey conducted by MDRT [Million Dollar Round Table], “Technology and Trust: Consumer Attitudes on Digital Communication,” found that 69% of respondents preferred either in-person or hybrid communication with their financial adviser, rather than relying entirely on digital communication. Nearly half (46%) said additional in-person conversations during periods of market volatility or financial stress would strengthen their trust in their adviser.

The findings suggest that consumers see digital tools as useful, but do not want them to replace personal interaction, particularly when financial stakes are high.

Digital communication also appears to have a generally positive or neutral effect on trust. Overall, 85% of respondents said their adviser’s use of digital tools either increased their trust or had no impact on it. But the report found that digital communication becomes less effective in situations that require greater explanation, reassurance or personal attention.

For example, 31% of respondents said digital communication was insufficient when making major financial decisions, such as a large investment or property purchase. Thirty percent said it was insufficient at the beginning of a relationship with a new adviser, while 29% said it fell short when resolving confusion or misunderstandings involving complex or technical financial topics.

Millennial respondents were significantly more likely than other generations to prefer digital communication alone, suggesting that advisers may need to account for generational differences, rather than adopt a single communication strategy for all clients.

The report recommended that advisers use digital tools for routine updates and information sharing, while prioritizing personal conversations for major financial decisions and complex topics. It also suggested asking clients during onboarding how they prefer to communicate, including their preferred meeting format, communication channels and frequency of contact.

Quality also mattered—among consumers who identified problems with digital communication from their advisers, the most common complaints were receiving generic or automated messages (27%), followed by difficulty reaching a human adviser (21%) and lack of clarity about next steps (20%). Twenty percent said their adviser’s digital tools were too complex, and 19% said they were inundated with messages from their adviser.

Digital Tools Can Also Change Financial Behavior

A separate 2026 Financial Finesse Research Review suggested that digital financial wellness programs can also be associated with measurable changes in retirement-saving behavior, even when the program does not include a human financial coach.

Using engagement data from its Financial Wellness Think Tank across employer clients from 2024 through 2026, Financial Finesse found that employees who engaged with a virtual financial wellness benefit had an 8% 401(k) opt-out rate the following year, compared with 11% among employees who did not engage. That represented a 32% lower opt-out rate among employees who engaged with the benefit.

The research also found changes in investment allocation and emergency savings. Among returning users whose investments initially were not aligned with their risk tolerance, 69% corrected their allocation after a year. Of returning users who initially lacked an emergency cushion, 65% reached within one year savings equal to at least one month of living expenses.

The findings were notable for the insight into employees approaching retirement. Among engaged employees aged 55 and older, 82% went on to take full advantage of their company’s retirement match. Financial Finesse also reported substantial milestone attainment among near-retirees in areas such as setting beneficiaries and running a retirement estimate.

Emergency savings also appeared to be an important factor in financial behavior. Employees with at least $2,000 set aside were 19% less likely to take a 401(k) loan and 43 percentage points less likely to cash out at a job change, according to the research. The company described liquid emergency savings as a more useful measure than loan activity alone.

According to Financial Finesse, engagement with its virtual program was associated with higher contribution rates, lower plan opt-out, better-aligned investments, stronger emergency savings and greater retirement-plan milestone attainment, including among near-retirees. The findings did not establish that the digital program itself caused the changes, but they suggested that engagement with digital financial wellness tools can coincide with meaningful financial actions.

The two studies point to digital tools helping consumers save, organize their finances and take specific financial actions, while personal interaction remain important when clients need reassurance, explanation or help making significant decisions.

“While clients appreciate the convenience of digital tools, financial planning is ultimately a very human experience,” Cecilia Tsang, a financial adviser and portfolio manager at RGF Integrated Wealth Management said in a statement. “Technology has enhanced our ability to communicate and serve clients efficiently, but it is the personal conversations that build trust, provide clarity and help clients stay focused on their long-term goals.”

The MDRT survey was conducted by Opinium April 6-9, 2026, among a sample of 2,000 U.S. consumers who currently work with a financial adviser or have previously worked with one. Results were weighted by age, gender, region, race, ethnicity and education according to the 2020 U.S. Census.