Awakening call for American advisers

Therefore, investment and wealth management companies are the financial services companies that consumers are most skeptical of. Banks and credit unions (61%), insurers (51%) and payment service providers like Visa, PayPal and MasterCard (48%) are more trusted than their advisors.

Visa, PayPal, MasterCard and Stateform really top the list of companies that consumers trust the most. Morning Consult believes this should be an awareness call for financial service providers who have created their brand to build “personal relationships and strong bonds with local communities”.

The study also shows that American consumers are more concerned with how their money is managed than a manager’s commitment to environmental or social causes. 72% of respondents said they would stop working with a manager or a company if they mismanaged their funds and only 34% of respondents said they would do so if they saw a shortage of ESG investments.

“The most trusted financial service providers don’t talk much about community reliability and data security,” says Charlotte Principado, research author at Morning Consult and senior director of financial services analysis. In the interview Economic planning.

Consumers trust Fintech as Credit Karma, which has no direct contact with consumers, more than consultants. The study concludes that “a brand does not need a personal relationship with the consumer to cultivate trust.”

The report therefore argues that management companies should focus more on securing “data management, security and reliability” rather than trying to create things through personal relationships.