How trusted are financial advisers?

Several jobs in the financial services industry rate well in a new survey of consumers’ trust in professions

How trusted are financial advisers?
Nurses, doctors and pharmacists take out the top three spots in the 2017 Image of Professions Survey by Roy Martin.

The Australian consumer poll shows that behind health professionals, it’s educators, law enforcers and engineers that rate among the highest for trustworthiness and ethics.

The only other sector to show positive scores for scoring ‘high’ or ‘very high’ for honesty and ethics is financial services.

Topping the profession are accountants with 50% of respondents giving them their backing. They have also led the finance-related professions in the index for 26 years.

Financial planners score high or very high for honesty and ethics with 25% of Australians, lagging 8 percentage points behind bank managers. 

“Views of bank managers improved over the past year (up 3%) despite the Government’s decision to impose a new tax on banks in this year’s Federal Budget delivered in early May,” commented Michele Levine, Chief Executive Officer, Roy Morgan Research.

However, the ranking for financial advisers was far above insurance brokers (10%), real estate agents (7%) and – although it pains me to admit it – journalists (20%).

Perhaps unsurprisingly, politicians at both state and federal level only scored 16% for honesty and ethics.