Family Office

Brokers rated least trusted professionals

FWR Staff 26 May 2006

Brokers rated least trusted professionals

Advisors and bankers fare better � but still languish in the public's regard. People trust financial advisors more than stockbrokers. So at least says a new report by Harris Interactive. That said, financial advisors aren't highly regarded in comparison with other professions, including lawyers and accountants.

Only 6% of the 2,300 U.S. adults polled recently by Harris Interactive said they trusted stockbrokers "to give their clients good advice." But a mere 16% of them said as much for financial advisors.

Gut feelings

The report doesn't say whether those polled have even a passing sense of the differences between brokers and registered investment advisors.

Other poorly regarded professionals are real-estate agents, trusted to give beneficial advice by 7% of those polled, insurance agents (9%) and car mechanics (10%). Bankers tied with financial advisors, having the trust of 16% of those polled. Reporters, traditionally one of the least liked and most distrusted employment categories, don't figure in this poll.

Doctors, dentists and nurses emerged as the most trusted callings, with 50%, 47% and 46% respectively. Accountants had the trust of 28% of those polled.

Trusted to give good advice Profession % Completely Somewhat Not At All Not Sure Doctor % 50 43 4 3 Dentist % 47 44 4 5 Nurse % 46 46 3 4 Accountant % 28 58 7 7 Lawyer % 18 62 14 6 Banker % 16 67 12 6 Financial advisor % 16 64 12 8 Mechanic % 12 68 14 6 Insurance agent % 9 63 21 7 Real-estate agent % 7 65 20 8 Stockbroker % 6 57 25 12                    Source: Harris Interactice                    Note: Totals may not add exactly to 100% due to rounding.

Overall, the report seems to show people place trust less in professionals perceived to be trying to sell something.

Rochester, N.Y.-based Harris Interactive has nothing to do with Harris Bank, a Chicago-based subsidiary of the Bank of Montreal. �FWR

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