Wealth management: Who do you trust?
CFA Institute (“CFAI”) brought out the fourth edition of a report titled “Earning Investors' Trust” in April 2020.
Complete key highlights can be accessed at https://news.alphastreet.com/wealth-management-wh…
Some of the key highlights from the report include:
When retail investors were asked which following types of people they considered to be more trustworthy, the highest were Doctors (77%) followed by Accountants (42%), Lawyers (29%), Financial Advisors (23%) and Mechanics (22%).
Retail investor trust is highest in India at 87% (up by 16% compared to 2018) followed by China at 69%. Close to the bottom are the UK (33%) and Japan (27%).
The majority (73%) of retail investors still prefer human advice over a robo-adviser, which is relatively unchanged from 2018.
34% of Chinese prefer humans over robo-advisors, a big exception to the global preference for humans (73%) which is also seen in India (82%), the US (81%) and the UAE (75%).
Are we supposed to conclude from this that people trust their doctors, lawyers, and accountants for investing advise more than their financial advisors?
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