This “PERSONAL CAPITAL – 2017 FINANCIAL TRUST REPORT” brings up some discrepancies in financial understanding between genders and age groups. It focuses on confidence and trust in financial institutions.
This is also a potential company for competitive analysis to circle back to.
How do Americans feel about financial advisors?
According to a Personal Capital survey, about 32 percent of Americans believe a financial adviser is likely to take advantage of them. The 54 percent of Americans who choose not to work with a financial adviser, just under half (45 percent) cite lack of trust as the reason they don’t. Those who do work with an advisor definitely do trust them, however.
Where are Americans getting financial advice?
The most trusted sources Americans turn to for financial advice include a financial advisor (38%), with a family member (31%) and a spouse or significant other (26%) following closely behind.
How are they thinking about fees?
They are not thinking about them. 60% of Americans are investors (have at least one investment account), and men are more likely to invest than women (66% of men vs. 55% of women). However, both male and female investors are unsure what they actually pay for their investment accounts. Women are twice as unaware.
Younger adults are more than twice as likely as older adults to
believe that higher investment fees result in higher investment
returns (48% of those ages 18-44 vs. 21% of those ages 45+). (This is apparently just plain wrong).
