CPAs topped the list of most trusted financial
advisors-edging out Certified Financial Planners-in a recent survey of
Financial television show hosts finished last on the trustworthy meter, according to the survey by AFA Financial Group, a broker-dealer that specializes in serving CPAs who also have advisory practices.
Finishing third in terms of the most favorable responses were attorneys, followed by investment advisors, financial journalists, stock brokers, life insurance agents, real estate brokers, hedge fund managers, radio talk show hosts and finally television talk show hosts.
The survey was conducted by Amplitude Research and was based on surveys of 1,007 investors.
CPAs had a high median score of 3.85 in the survey, which asked investors to rank each profession on a scale from 1 to 5, with 1 representing "Not trustworthy at all" and 5 representing "Extremely trustworthy."
Although CFPs were second with a median score of 3.78, they did garner the most top recommendations, with 22.8% of respondents saying they were extremely trustworthy compared to 18.3% for CPAs.
CPAs, however, got top marks for service. Among respondents who have used a CPA, 25% said they were extremely satisfied with the service they received. CFPs, by comparison, got a 17.8% rating.
In a separate ranking of professions not all related to financial services, CFPs finished seventh out of 12. Topping the list of most ethical and trusted occupations were pharmacists, followed by physicians, teachers, Supreme Court judges, military officers, CPAs and planners. Planners placed above law enforcement officers, attorneys, corporate executives, car salesmen and politicians.