Financial Crisis Has Silver Lining For Advisers

adviser reputationWhile the financial crisis wreaked havoc on many retirement accounts, it had a significant upside for those tasked with minimizing the damage. Investors actually trust their advisers more today.

Fidelity Investment’s “Five Years Later” study looked at the attitudes and behaviors of investors since the financial crisis started in 2008 and included 1,150 investors. While the majority of those surveyed (47%) lost significant assets as a result of the crisis, many credit financial professionals for helping them through it.

The Fidelity survey found that the most common source of guidance during the crisis was a financial professional (30 percent). Investors were also overwhelmingly satisfied with the advice they received; 90 percent ranked advisers as helpful.

In the wake of the crisis, nearly one quarter (23 percent) of respondents now rely more on a financial professional than they did in the past. Moreover, advisers are currently more trusted by investors than banks, insurance companies, investment firms and the government.

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