One-in-four investors are ready to change financial service firms in the next year, according to a Charles Schwab study released Wednesday.
Nearly half those wanting to make a switch cited “the financial stability of my firm being in question” as a top reason. In addition, cost and investment performance were cited (47 percent and 42 percent, respectively). Only slightly more than half (55 percent) of respondents said they trust their current firm, and just a third (36 percent) think their firm is more stable than other firms.
Of the reasons why they wouldn’t make the switch, many investors say it’s not because they have confidence in their firm, it’s because they might lose money in the transition, they don’t know of any better options, or it’s time consuming to change.