2022-06-14-CFA_Institute-2022年投资者信任调查报告（EN）_25页_2mb

报告摘要

Summary of the 2022 CFA Institute Investor Trust Study

Core Content

The 2022 CFA Institute Investor Trust Study explores the evolving landscape of investor trust in financial services, highlighting the differences between retail and institutional investors, as well as the factors that contribute to and undermine trust. The study emphasizes the importance of trust in financial transactions and its role in shaping investor behavior and satisfaction.

Main Points

Trust is central to financial transactions and especially critical in investment management where outcomes are long-term.
Trust levels have increased significantly since 2020, with institutional investors showing higher trust than retail investors, though both groups have seen improvements.
Technology is becoming a key trust multiplier, with retail investors increasingly valuing technology tools over human interaction in managing their investments.
Personalization and values alignment are also important trust enhancers, particularly for retail investors who seek investment products that reflect their beliefs and values.
Communication modes play a crucial role in building trust, with in-person meetings being most effective during the establishment of a relationship, while remote communication is preferred for routine updates.
Market performance, fee compression, and transparency are among the main factors that have improved trust.
Crisis management is a critical test of trust, with most investors following their adviser's guidance during downturns, though confidence in crisis preparedness varies between retail and institutional investors.
Generational differences are evident, with millennials showing the highest trust levels and a greater openness to new financial products and technologies.

Key Findings

Trust Levels

Institutional investors trust financial services at an all-time high, with 86% expressing trust.
Retail investors have 60% trust in financial services, up from 2020, but still lower than institutional investors.
Consumer banks are the most trusted segment among retail investors, while robo-advisers are the least trusted.
Advisers are trusted by 56% of retail investors, and investment management firms by 53%.

Trust Gaps

There is a 25 percentage point gap between what retail investors expect from their advisers and what they believe is being delivered.
The largest gaps are in disclosure of conflicts of interest and fee transparency.
Retail investors with advisers are more likely to be early adopters of new investment products, such as direct indexing and impact funds.

Global Trust Differences

India has the highest trust levels globally, followed by United Arab Emirates and China.
United States and Singapore saw the largest increases in trust.
Australia and Germany remain at the lower end of the trust spectrum, though their trust levels have improved since 2020.

Factors Affecting Trust

Strong market performance has contributed to increased trust.
Fee compression through passive investing and zero-commission trading has made investment more accessible.
Technology-enabled transparency has improved investor understanding and confidence.
Greater access to markets via new apps and tools has benefited younger and smaller investors.
Personalized products that align with investor values and beliefs have become more important.

Factors Breaking Trust

Retail investors commonly cite underperformance, high fees, inadequate data security, and lack of adviser responsiveness as reasons to leave an adviser.
Institutional investors are more likely to leave due to divergent public views on social and political issues and staff turnover.

Crisis and Trust

During the March 2020 market downturn, most retail investors followed their adviser’s advice to reduce risk.
Institutional investors are more likely to anticipate a financial crisis in the next three years.
Retail investors are less confident in their advisers' crisis preparedness.

Generational Trust

Millennials have the highest trust levels and are more open to new financial products and technologies.
They are nearly three times more likely than baby boomers to consider financial advisers as the most trusted professionals.

Actions to Build Lasting Investor Trust

Adopt new technologies to enhance transparency and provide better services.
Align firm interests with client values and broader expectations about how funds are invested.
Improve communication through in-person meetings during the initial stages of advisory relationships.
Ensure fee transparency and conflict of interest disclosures.
Offer personalized investment products that reflect individual values and investment needs.
Strengthen brand reputation and maintain consistent, clear communication with clients.