The annual Main Street Investor study came out last week, and it appears that American investors are feeling increasingly confident about their financial advisors. When asked how effective various entities were at protecting investor interest, 70 percent expressed confidence in their advisors, up from 66 percent in 2012. When asked whom they would trust as for advice about investing in a public company, 72 percent of investors said they would use their advisor, more than those who would turn to SEC filings, financial reports, family and friends, or social media.
Confidence in advisors is highest in the wealthiest group surveyed: Among those with more than $100,000 in investable assets, 71 percent said they were confident, compared with 67 percent of those with fewer than $50,000 in assets. At all asset levels, women trusted their advisors more than men did.
Why do investors trust their advisors? The survey found two answers tied at the top of the list: "Personal relationship/Honest/Trustworthy" and "Track record/experience" were both cited by 29 percent of the respondents.
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