Coalition Greenwich finds 22% of $100,000-to-$5-million households use both advisors and DIY accounts

Twenty-two percent of households with $100,000 to $5 million in investable assets used both an advisor and a self-directed account, according to a new Coalition Greenwich study.

The Coalition Greenwich Voice of Client – 2026 Wealth Study, released this week by benchmarking firm Crisil Coalition Greenwich and first reported by Financial Planning, surveyed more than 5,000 individual investors. The self-directed accounts it counted sit at Fidelity Investments, Vanguard, Charles Schwab, E-Trade from Morgan Stanley, Merrill Edge or Robinhood.

Hybrid and DIY-only consumers raised more cost-related concerns than advice-only investors did, and hybrid customers were more likely to say they could soon leave their advisor.

Inside the $2 million-to-$5 million slice, the researchers reported that 'some common stereotypes about self-directed investors are not necessarily true.' DIY and hybrid consumers displayed similar risk preferences and a similar willingness to work with investment professionals on a holistic basis.

Nathaniel Brown, the director of client development in wealth management with Coalition Greenwich, framed the takeaway in a statement: 'In the age of DIY investing, advisors must cultivate open relationships in which clients are comfortable discussing their complete financial picture, which will position the advisor to provide comprehensive advice that takes into account all assets — including those with the advisor and elsewhere.'

Schwab is ending sub-$5-million RIA referrals for firms in its Schwab Advisor Network starting in 2027 and keeping those leads for itself, as this publication reported.