Overconfidence Crisis? Canadians Claim 95% Confidence in Advisors
Trust Index Reveals Financial Advisors Have Canadians' Confidence, but Is It Deserved?
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/10/16 -- While many Canadians say they prefer to manage their own finances, those who do use an advisor are surprisingly satisfied with their advisors'' acumen, according to a recent Hennick Wealth Management survey. That confidence may not be warranted according to Investment Advisor Adam Hennick, who thinks some Canadian investors are just too complacent.
The Hennick Wealth Management survey was conducted to determine who Canadians trust most when it comes to handling their money. Although 44% of Canadians felt they were the most capable of investing and managing their own money most effectively, the survey showed Canadians still have a surprisingly high level of confidence in the expertise of financial professionals such as bankers, financial planners and investment advisors.
An overwhelming majority of Canadians who use a financial advisor reported extremely high levels of satisfaction with their advisors'' services. Asked to score their advisors on various areas of their services, only 1-5% of respondents reported dissatisfaction. But according to Hennick, this high level of satisfaction may have more to do with complacency than competency.
"As much as I would like to believe that 95% of financial professionals in Canada are doing a bang-up job for their clients, it''s simply not realistic for any industry. This survey should set off red alert sirens that Canadians are too apathetic when it comes to their financial advisors'' performance," said Hennick. "Canadians need to be a little less polite, ask more questions of their advisors, and ensure that they are getting the best performance possible for their portfolio."
Key Findings of the Survey:
1) Financial professionals got high marks on the trust index. Politicians... not so much.
Respondents were presented with a list of people that might handle their money (albeit some indirectly) and were asked to pick their "top three choices of whom they trust most to make sound financial decisions." Overall, the results put financial professionals at the top of the trust index, while politicians were firmly at the bottom:
2) Many Canadians (more likely men) trust themselves most to handle their finances:
3) Canadians who currently have a financial advisor were extremely (perhaps too?) satisfied:
4) Canadians agree that women and men are equally capable giving sound financial advice.
"There are some great financial advisors out there, but you should never be afraid to question what they are doing with your money," said Hennick. "No one cares more about your money than you do. Don''t just take your advisor''s word for it when they say that your portfolio is doing as well as it possible within your risk tolerance parameters. Probe with questions and check into it."
About the survey
Conducted by Environics Research Group, the online survey was conducted among 1,067 adults from Monday, June 27th - Thursday, June 30th, 2016. In order to qualify for this survey respondents had to be 18 years of age or older and reside in Canada. Of those interviewed, 389 adults stated that that they are currently working with a financial advisor.
Contacts:
Pointman! Public Relations
Patrick McCaully
416-855-9427 x-301
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Datum: 10.08.2016 - 09:21 Uhr
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News-ID 1451879
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