John Hancock Survey on Trust Finds Investors Giving Top Marks to Their Financial Advisors, and Low Marks to Congress

BOSTON, Feb. 7, 2012 /PRNewswire/ -- A recent John Hancock survey of investors on the concept of trust in institutions and individuals showed that investors rank their financial advisors highly while viewing Congress far less favorably.

(Photo: http://photos.prnewswire.com/prnh/20120207/NE48944 )

More than four out of five investors who work with a financial advisor indicate a high level of trust in those professionals (82 percent).  Ben Bernanke, Chairman of the Federal Reserve, ranked second, with 31 percent of investors saying they had a lot of trust in the central bank chief.  President Barack Obama ranked third, with more than a quarter of investors (28 percent), saying they find the U.S. President trustworthy. More than a quarter of investors surveyed (28 percent) said they trusted the financial news media.

On the other hand, members of Congress are seen as untrustworthy by more than two-thirds of investors (68 percent). The Occupy Wall Street movement is not far behind, with nearly six in ten (57 percent) saying they do not trust this group.

The findings were drawn from a survey on trust conducted by John Hancock in late 2011.

"John Hancock recognizes that the issue of trust in the financial world is of paramount importance to investors, given the global events of the past few years," said David Longfritz, Chief Marketing Officer for John Hancock. "Our survey found that investors respect their financial advisors and look to them for guidance in making financial choices and decisions. Despite ongoing uncertainty in financial markets, this bond is an enduring one."

When it comes to choosing a financial advisor and a financial services firm, investors give themselves high marks. More than three out of four investors feel confident in their ability to assess financial advisors (76 percent), while 74 percent feel they are capable of finding a trustworthy advisor.

Financial strength ratings are the most important to investors (84 percent) in deciding whether or not to trust a financial services company. Almost two-thirds (61 percent) of investors say that being in business for a long time is an important factor in determining trustworthiness.

Beyond proof of financial strength and longevity, recommendations are clearly the key to trust. When assessing the trustworthiness of a financial company, six out of 10 investors say that the recommendation of their financial advisor is important. Half of investors report that the opinion of peers and other customers is important in evaluating whether or not to trust a financial company, and nearly as many (48 percent) feel it is important to seek recommendations from friends and family.

About the Survey

John Hancock's Trust Survey is an online survey conducted by independent research firm Mathew Greenwald & Associates.  A total of 1,001 investors were surveyed between November 28 and December 6, 2011.  Respondents were selected from among members of Research Now's online research panel.  To qualify, respondents were required to participate at least to some extent in their household's financial decision-making process, have a household income of at least $75,000, and assets of $100,000. The data were weighted by age and education to reflect the population of Americans matching the survey's qualification requirements. In a similarly-sized random sample survey, the margin of error would be plus or minus 3.16 percentage points at the 95% confidence level.  Due to rounding and missing categories, numbers presented may not always total to 100 percent.

About John Hancock Financial and Manulife Financial Corporation

John Hancock Financial is a unit of Manulife Financial Corporation, a leading Canada-based financial services group serving millions of customers in 21 countries and territories worldwide. In 2012, John Hancock celebrates 150 years of serving clients across the United States, while Manulife celebrates its 125th anniversary. Operating as Manulife Financial in Canada and in most of Asia, and primarily as John Hancock in the United States, Manulife Financial Corporation offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were C$492 billion (US$473 billion) as at September 30, 2011. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE, and under '945' on the SEHK. Manulife Financial can be found on the Internet at manulife.com.  The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers a broad range of financial products and services, including life insurance, annuities, fixed products, mutual funds, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.

SOURCE John Hancock Financial