Respondents to a recent survey by TD Ameritrade Institutional said they are more comfortable with an adviser who is paid by flat fee versus someone paid on commission (60% verse 23%), according to a release of the results.
The survey also found an overwhelming majority (92%) of Americans are concerned about their family’s financial security and stability. More than half (55%) of Americans think a financial adviser could help them in today’s market, and 51% think the need for independent financial advice will increase over the next four years, according to the survey.
When asked to rank the person most likely to provide the best financial advice, independent financial advisers came out on top by a wide margin, according to the release. The next most trusted were: friends and family, accountants, and brokers.
Caravan conducted the survey for TD Ameritrade with 1,005 adults from September 11 to 14.