News | 05.11.20
Only 23 Percent Of Surveyed Investors Say They Trust Financial Advisors
A study from the CFA Institute has found that 46 percent of retail investors trust the financial services industry. By comparison, 68 percent of respondents said they trust the medical industry and 60 percent trust the technology sector. When asked about individuals within the financial sector, only 23 percent said they have a high amount of trust in advisors. Seventy-seven percent said they highly trust doctors. One area where financial advisors were viewed poorly was putting the interest of clients first. Most retail investors said they believe financial advisors are legally obligated to do what is best for clients. However, only 35 percent of retail investors said their advisors actually put a client's interests above their own. Meanwhile, 25 percent say their investment companies always put the needs of clients first.
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