U.S. financial institutions have a lot of work to do to win back the trust of the American investor, with about half saying they dont trust banks to put customers best interests ahead of corporate goals, a survey by Harris Interactive for Cake Financial found.
In addition, only 10% of adults between the ages of 45 and 54 think mutual fund fees are justified.
Conversely, only 6% are extremely confident or very confident that personal investment firms put investor interest ahead of their own corporate goals. Thus, 78% are looking for neutral third-party advice for their financial investments. Among those with an annual net income of $75,000 or more, the figure is 85%.
With trillions of dollars being wiped out from 401(k) and retirement accounts, consumers are now more than ever searching for personal investing solutions that they can trust, said Steven Carpenter, CEO of Cake Financial. They want more transparency into the process and are fed up with having to spend their hard-earned money to pay the exorbitant hidden fees that many mutual fund and investment managers charge.