According to a new study commissioned by the Million Dollar Round Table (MDRT) and conducted online by Harris Poll, the vast majority of Americans have “at least some trust” in financial institutions.
Among over 2,000 U.S. adults ages 18 and older, including over 700 who currently work with a financial adviser, the research shows 87% have at least some trust, including 53% with a moderate amount or great deal of trust.
Researchers suggest their findings underscore an opportunity for advisers to highlight how their memberships benefit their clients. Thirty-five percent of Americans surveyed by Million Dollar Round Table say their trust would increase in financial professionals if they can demonstrate they are active members of industry associations. Advisers may also want to stress their roots and experience in the industry, given that 54% of survey respondents say they have greater trust in professionals with “at least several years of work experience.”
When it comes to hiring a financial professional, Million Dollar Round Table (MDRT) reports, the vast majority (82%) of Americans do not have a preference in regards to gender. At the same time, nearly one in five would prefer their financial professional to be older than them if they were to work with one.
Results show 62% of Millennials, defined here as those ages 18 to 34, who are not currently working with a financial professional, say they would be more confident in their financial future if they did hire one. In addition, 78% of this age demographic who currently work with a financial professional say they feel more confident in their financial future because they work with one.
“Understanding Millennials’ priorities is vital in order to foster positive relationships with our next generation of clientele,” explains James Pittman, MDRT president. “There is a major opportunity for advisers who can provide them with confidence about their financial future while emphasizing shared values, such as volunteerism.”