Women do not put as much stock as men in hard data resources such as aggregated earnings estimates.
Perhaps you’ve seen the Invesco TV ad in which a beleaguered investor is assaulted by a cacophony of “financial noise.” When it comes getting financial information they can trust, Affluent investors mostly consider their broker to be the most credible source, according to new Spectrem Group research.
Four-in-ten Affluent respondents rated their broker as the most credible, followed by Wall Street analysts/research (37 percent), investors/traders they personally know (36 percent) and mainstream financial journalists (35 percent).
Rated lowest on the credibility scale are financial bloggers (7 percent) and chat boards/crowd-sourced media platforms (4 percent).
Women are likelier than men to find most of these various sources to be more credible. Nearly half (49 percent), for example, find their broker to be the most credible, compared with 41 percent of men. They do not put as much stock as men in hard data resources such as aggregated earnings estimates or charting programs and trading software.
Affluent investors who profess to have the most confidence in their financial knowledge tend to be more self-directed and conduct their own research. Accordingly, they are slightly less likely than surveyed investors overall to say their broker is the most credible resource (41 percent vs. 43 percent). But they are significantly more likely than their Affluent counterparts to find the following to be credible:
Mainstream financial journalists (45 percent vs. 35 percent of surveyed investors overall)
Wall Street analysts/research (45 percent vs. 37 percent)
Investment newsletters (38 percent vs. 29 percent)
Aggregate earnings estimates (28 percent vs. 21 percent)
Charting programs and trading software (27 percent vs. 21 percent)
Across age groups, Baby Boomer-aged Affluent investors as well as seniors believe their broker to be the most credible source of financial information, while those between the ages of 41-50 are equally likely to find mainstream financial journalists to be the most credible.
The youngest Affluent investors surveyed (under 40) think most highly of information gleaned from Wall Street analysts/journalists as well as investment newsletters.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.