“In advisors we trust” might be a motto for investors who responded to a recent survey assessing trust in a variety of institutions and individuals.
The survey, conducted by John Hancock Financial in late 2011, showed that 82% of investors who work with a financial advisor have a high level of trust in that advisor. Federal Reserve Chairman Ben Bernanke garnered a high level of trust from 31% of respondents, while U.S. President Barack Obama ranked third with 28% saying he was trustworthy.
Members of Congress, however, were viewed as untrustworthy by 68% of investors responding.
“John Hancock recognizes that the issue of trust in the financial world is of paramount importance to investors, given the global events of the past few years,” according to David Longfritz, the firm’s chief marketing officer.
In making a decision about whether or not to trust a financial services company or a financial advisor, 84% of investors surveyed said financial strength ratings were most important, while 61% said a long track record in the business was an important factor.
The survey, conducted online, reached 1,001 investors who had income of at least $75,000 and assets of at least $100,000.
Danielle Reed writes for Financial Planning.