NEW YORK (TheStreet) -- Millennials may value cutting-edge digital investing tools, but it turns out they also appreciate being able to access the wisdom of old-school financial advisers -- especially when markets get rough.
"Those who found the August volatility stressful for them really wanted to have that collaboration and that's what we see in the data for millennials," said Yvette Butler, president of Capital One's (COF) - Get Capital One Financial Corporation Report recently created Capital One Investing division.
Capital One Investing's research showed 49% of millennials currently have a full-service investing account, and among those with no current financial adviser relationship, 72% say they are most likely to use an adviser in the future.
Butler said younger people generally place more importance in working with a financial adviser to decide how to invest for retirement. For instance, the company's research said that 42% of millennials think it's very important, compared with 34% of Gen Xers and 23% of boomers who do.
Because of their technologically immersed upbringing, millennials are wired for a hybrid approach to investment management, according to Capital One's research. The company said 54% expect to use a robo account for future investing, and 60% expect to use an adviser for future investing.
During volatile markets like the one investors experienced in late August, millennials were more likely than older generations to consider working with a financial adviser as a result of their discomfort. According to Capital One's research, 39% of millennials who did not have an existing financial adviser relationship and who experienced discomfort sought out and opened an account with a financial adviser. By comparison, just 16% of the identical Boomer cohort did so.
Meanwhile, millennials working with an adviser had greater confidence during the turbulence of August. Capital One said 43% of millennials who have a financial adviser felt very confident during the recent market volatility.
"They want to start online. They want to get informed. But that human touch, interacting with an adviser, interacting with a professional is still really valued, whereas the boomers have been through it before and have found other ways to handle the market volatility," said Butler.