While investors have improved their confidence in the securities industry since last year, they still have not completely embraced the idea that everything is back to normal, an annual Securities Industry Association survey found.
In a positive shift from last years and 2002s survey, in which only 55% of investors said their view of the industry was either "somewhat favorable" or "very favorable," 64% held such an opinion about the industry in 2004.
However, 69% felt that industry professionals and companies are motivated by greed. By contrast, back in 1999, less than half the respondents thought greed was a motivating factor. SIAs outgoing chairman, CSFBs Richard Thornburgh, told CBS MarketWatch the organizations leaders understand "that we violated investor trust and confidence."
Further illustrating that point was the fact that 64% thought financial advisers and companies placed investor priorities second to their own. In 1999, only 37% held such a view. He noted that Eliot Spitzers probes as a main contributing factor in the soured investor confidence.
The survey, conducted from August to September of this year, polled 1,500 investors by telephone and, according to the SIA, operates under a two-point margin of error.