In August of 2009 less than 30 per cent of Mass Affluent and Wealth investors placed trust in financial services firms.  Trust levels improved somewhat over the next year, with a peak of 34 per cent for affluent investors and 37 per cent for Wealth investors in April, 2010. 

In June, however, levels dropped dramatically along with the value of investor portfolios. Only 29 per cent of affluent investors and 31 per cent of Wealth investors strongly agreed/agreed when asked if they trusted that financial services firms are looking out for their best interests.

Phoenix defines the Mass Affluent as those with $250,000-$999,000 in investable assets and Wealth investors as those with $1 million and above. 

Coming out of the recession in late 2009 and through mid- 2010, Wealth and Mass Affluent investors were relatively happy about the quality of advice they were receiving.  In April, nearly 60 per cent of the Mass Affluent and nearly two-thirds of Wealth investors felt they were getting the advice they needed. 

As the stock market began to significantly decline in May, affluent investors appeared to place at least some of the blame on their financial advisor, according to Phoenix. Only 47 per cent of the Mass Affluent and 59 per cent of Wealth investors felt they were getting the quality of financial advice they needed. 

Questions were fielded from 1,275 participants in June and early July using an online questionnaire.