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Financial Planning > Behavioral Finance

CPAs, CFAs Seen As Honest Counselors

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Investors gave certified public accountants the highest score for being trustworthy advisors, followed by certified financial planners, according to a new study.[@@]

Among investors surveyed by AFA Financial Group LLC, 23% rated CPAs as “extremely trustworthy,” while 18% said the same of certified financial planners. Financial television show hosts were given the lowest overall score, with only 3% calling them “extremely trustworthy.”

Of respondents who employed a certified financial planner in the last 5 years, 18% said they were “extremely satisfied,” and 58% said they were “satisfied” with the CFP’s performance.

When asked how they made most financial investment decisions, 30% said they used the advice of a certified financial planner, and 16% said they sought the counsel of an accountant or CPA.

The most frequently identified source of outside advice was “from family and friends.”

AFA Financial, Calabasas, Calif., commissioned the survey of 1,000 investors from Amplitude Research Inc., Boca Raton, Fla., in mid-December.

AFA Financial is a registered broker dealer specializing in advising CPAs.


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