Consumers Rate Most Trustworthy Financial Firms: Hearts & Wallets

Overall, trust is trending up, the report found. The latest survey found 43% of respondents reported high levels of trust in their main providers, compared with 39% in 2013. Almost 80% of respondents gave a trust rating of seven or higher on a 10-point scale.

Additionally, the percentage of consumers who are likely to increase their investments at firms where they already have most of their assets is trending up: from 30% in 2013 to 33% last year.

Wealthier consumers reported more trust in their financial institutions. The report noted wealthier households had a better understanding of how their firms earn money and were more confident in their own instincts.

However, consumers were almost twice as likely to use a self-service financial institution as a full-service (41% versus 21%), including wealthier consumers. There may be opportunities for advisors to serve more affluent consumers, though, as self-service adoption has been slipping since 2015 in the $100,000-$500,000 and $2 million-plus segments.

The report found 42% of consumers said banks are their primary source of retirement advice. Almost the same percentage said a full- or self-service brokerage firm was their main retirement advice provider. Just 3% said a robo-advisor, investment manager or “other” was their primary source of advice.

On retirement, the survey found Edward Jones, Morgan Stanley and Ameriprise rated most highly, followed closely by Charles Schwab, Fidelity and Merrill Lynch.

— Read Senate Moves to Block Retirement Plans Run by States, Cities on ThinkAdvisor.