Featured Advisor
I began my career as a financial advisor with the AYCO Corporation. I then served eleven years with a Big four public accounting firm where I provided counseling services to corporate executives and other high net worth individuals. I founded Trinity Financial Advisors, LLC in late 1999. I am a registered CERTIFIED FINANCIAL PLANNER™ PROFESSIONAL and a NAPFA® Registered Financial Advisor. I am also a member of the AICPA, FPA and IMCA.
MY PRACTICE...
At year end 2009 most investment companies, including banks, brokerage firms, mutual fund companies and similar types of financial providers, were not highly regarded by investors. Only 44% of Millionaire investors felt their own accountant was “trustworthy” and only 23% trusted their Full Service Broker.
What a difference a year can make…..especially when the market is in an uptick. At year end 2010 Millionaire investors were asked which types of firms were “trustworthy” and the reputations doubled for most types of providers. Accountants remained at the top of the list with 87% of Millionaires rating them as “trustworthy”. They were followed by Mutual Fund Companies at 81% and Banks at 78%. Online Brokerage firms followed at 77% moving up from 18% a year earliers. Independent Financial Planners, Private Banks, Full Service and Brokers and Law Firms all scored in the 70% range. Trust Companies, Independent Investment Advisors, Investment Management Companies and Insurance Companies were all deemed “Trustworthy” by more than 60% of investors.
All f these rankings are significantly higher than in the last two years indicating that investors are once again feeling that the financial industry is stable.
And which companies are deemed the “Most Trustworthy”? Fidelity and Vanguard are tied at 91% with the next closest provider, Charles Schwab, scoring 83%.At year end 2009 most investment companies, including banks, brokerage firms, mutual fund companies and similar types of financial providers, were not highly regarded by investors. Only 44% of Millionaire investors felt their own accountant was “trustworthy” and only 23% trusted their Full Service Broker.
What a difference a year can make…..especially when the market is in an uptick. At year end 2010 Millionaire investors were asked which types of firms were “trustworthy” and the reputations doubled for most types of providers. Accountants remained at the top of the list with 87% of Millionaires rating them as “trustworthy”. They were followed by Mutual Fund Companies at 81% and Banks at 78%. Online Brokerage firms followed at 77% moving up from 18% a year earliers. Independent Financial Planners, Private Banks, Full Service and Brokers and Law Firms all scored in the 70% range. Trust Companies, Independent Investment Advisors, Investment Management Companies and Insurance Companies were all deemed “Trustworthy” by more than 60% of investors.
All f these rankings are significantly higher than in the last two years indicating that investors are once again feeling that the financial industry is stable.
And which companies are deemed the “Most Trustworthy”? Fidelity and Vanguard are tied at 91% with the next closest provider, Charles Schwab, scoring 83%.
