A new survey finds that investors trust their financial advisors more than their primary doctor or accountant.
John Hancock Financial, a Boston-based unit of Manulife Financial Corp., published this finding in a new John Hancock Trust Survey. The online survey polled 1,005 mass affluent investors (with household income of at least $100,000 and investable assets of at least $200,000) in mid-April 2012. The survey was conducted by independent research firm Mathew Greenwald & Associates.
The survey shows that, out of a list including financial advisor, primary doctor, accountant, contractor/handyman, boss, and real estate agent, investors say they “trust strongly” their advisor (84%), followed by primary doctor (79%) and accountant (74%). Contractors have a 52% “trust strongly” ranking, with bosses coming in at 49% and real estate agents at 43%.
When asked about the most important factors inspiring trust in financial advisors, respondents say clear explanations of investment recommendations and being knowledgeable and timely about products and trends were the most important (both 54%), followed by disclosure on how the advisor is compensated (51%) and quickly answering questions (49%).