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June 23, 2017 at 08:22 AM
Forty-one percent of investors in a new report by Phoenix Marketing International said either that they were not provided or did not know whether they were provided with core information about investment performance from their investment advisor, 401(k) plan provider and other financial firms.
In addition, 35% of investors said they were not highly confident that the information they received was accurate and reliable.
“Real transparency isn’t simply throwing more data at investors,” David Thompson, managing director of Phoenix Marketing International’s financial services affluent practice, said in a statement.
“It’s about providing investors with relevant, reliable and straightforward information about investment performance and progress toward goals, with an understanding of how they prioritize that information.”
The relationship between investors and investment advisors is based on trust, Thompson said. “Transparent reporting may be the best tool advisors have to earn that trust, differentiate themselves and demonstrate their value.”
The study was derived from the Phoenix Wealth & Affluent Monitor investor tracking program. Online questionnaires were completed by 2,626 respondents with a minimum of $100,000 in investable assets, and interviews were conducted in October and December.
