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Financial Planning > Behavioral Finance

Financial industry popularity at all-time low

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Honestly, is anyone surprised? But investment house pain is insurance company and financial advisor gain. A new survey from Forrester Research finds more clients trusting insurers and independent financial advisors than brokerage firms. Traditionally, banks held the bottom spot as the least favorable institution among clients. Brokerage houses now hold the dubious honor.

Independent financial advisers ranked high at 61 percent and independent insurance agents came in at 53 percent, mainly due to a perceived lack of potential conflicts of interest. According to Forrester, common traits of popular firms include customer-owned organizations, like mutual insurance companies.