At first blush, a recent survey by Cogent Research might sound a bit deflating. The study gauges the level of confidence investors have in their primary financial advisor. Only 40% said they were highly confident. Obviously, that’s less than half, which doesn’t even qualify as mediocre.
But a closer look reveals a different conclusion. As Cogent’s senior project director, Meredith Lloyd Rice, explains, investors were asked to rate their advisors on a scale of 0 to 10, with 10 being the most confident. And 40% of the respondents gave their advisors either a 9 or a 10. So in that light, the number looks more impressive.
Furthermore, 40% for 2012 is four percentage points greater (or 11% greater), than the number of folks who gave their advisors a 9 or 10 rating in 2011. “That’s a statistically significant increase,” Lloyd Rice says, particularly given the survey size of more than 4,000 people with at least $100,000 in investable assets (including retirement plans, but excluding real estate).
Feeling Confident
January 2013
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