Nearly two-thirds of exchange traded fund (ETF) buyers are not using the services of a financial advisor and many of those who use advisors to purchase products say they could do without help.

These self-directed advisors are both more aware of the levels of those providing ETFs and more likely to increase their usage in these financial instruments in the future, according to a new survey of 4,000 affluent investors prepared by Cogent Research.

Christy White

The ETF marketplace has been growing, as Charles Schwab has entered the field and with a recent strategic agreement between iShares and Fidelity.

“It’s pretty obvious everybody wants a piece of the action,” said Christy White, Cogent research co-founder and principal, in a statement. “Given the high engagement level of self-directed investors with ETFs, it’s no wonder that providers are now focused on addressing the needs of this important audience.”

The Cogent study found that 40% of current self-directed ETF owners say they plan to increase their use of these products, compared to just 26% of advised ETF owners who expect to do the same.

Investors who have been advised also said they believe they can purchase these products without the assistance of their advisor; nearly one in four advised investors that currently own ETFs say they bought these products on their own.

Self-directed ETF owners, overall, are twice as likely as their advised counterparts to be aware of major ETF providers (38% on average for self-directed; 18% on average for advised).