Second annual survey helps consumers decide where to turn for financial products and services at a time when trust matters most
LOS ANGELES, September 20, 2021--(BUSINESS WIRE)--Investor’s Business Daily (IBD), a leading financial news and research organization, today announced the results of its second annual Most Trusted Financial Companies survey. Conducted in collaboration with TechnoMetrica, IBD’s polling partner, the survey measured customers’ trust in financial companies, ranking organizations objectively to help consumers make informed decisions based on the factors that matter to them. This year’s list is based on input from more than 6,000 respondents who rated companies of which they are clients.
"When it comes to choosing a financial services company, trust is a crucial component today," said Susan Warfel, managing editor of IBD. "In our survey, 98.4% of respondents said trust is important to their relationship with financial companies, including almost 90% who said it was very important. Investors turn to IBD because the Top 25 Most Trusted Financial Companies list is not a competition judged by a panel; winners are not chosen by editors subjectively. The companies on this list actually earned the trust of their customers."
The Most Trusted Financial Companies research included companies in eight lines of business: auto insurance, banks, credit card issuers, ETF/mutual fund companies, home insurance, life insurance, online brokers and wealth management. Life insurance and ETF/mutual fund companies were added to the Most Trusted Financial Companies survey this year. Rankings were based on five trust components that consumers indicated were most important to them in a Phase 1 survey: a company’s commitment to protecting the privacy and security of personal data, quality of products and services, ethical business practices and values, fair prices/fees for products and services and customer service.
This year, IBD ranked 74 companies that passed its minimum inclusion criterion. The top 25 were chosen from across the business lines and represent the companies with the highest overall trust ratings. IBD also spotlighted the top three companies with the highest trust ratings in each of the eight business categories. According to the data, online brokers and ETF/mutual fund companies are most trusted by consumers, while banks and life insurance companies are the least trusted.
The Most Trusted Companies list was developed based on subscriber interest in IBD’s unbiased insights into which financial companies had earned high levels of customer trust. When polled, 89% of respondents indicated IBD’s seal of approval would increase their likelihood of trusting a company, with 83.5% indicating that IBD’s data would boost the likelihood of them purchasing a particular company’s products or services.
Top 25 Most Trusted Financial Companies
The following companies received the highest ratings overall. Some companies earned high rankings in multiple businesses:
USAA: Auto Insurance
USAA: Home Insurance
Vanguard Brokerage: Online Brokers
Charles Schwab: Online Brokers
Vanguard: ETF/Fund Companies
Fidelity: ETF/Fund Companies
T. Rowe Price: ETF/Fund Companies
Discover: Credit Cards
Fidelity: Online Brokers
Ameriprise Financial: Wealth Managers
TD Wealth: Wealth Managers
TD Ameritrade: Online Brokers
USAA: ETF/Fund Companies
Fidelity: Wealth Managers
Charles Schwab: ETF/Fund Companies
Erie Insurance: Home Insurance
Schwab Private Client: Wealth Managers
American Express: Credit Cards
Auto Club Exchange (AAA insurance): Auto Insurance
Ally Invest: Online Brokers
T. Rowe Price: Wealth Managers
American Funds/Capital Group: ETF/Fund Companies
Merrill Edge: Online Brokers
ARK Invest: ETF/Fund Companies
Northwestern Mutual: Life Insurance
Most Trusted Companies by Line of Business
Breaking down the top vote-getters across the eight specific lines of business, the winners were:
Auto Club Exchange (AAA insurance)
ETF/Mutual Fund Companies:
T. Rowe Price
To find out more about this year’s winners and read analysis of the respective categories, please visit www.investors.com/MostTrusted.
The 2021 IBD Most Trusted Financial Companies logo and accolades are available for licensing through Investor's Business Daily's partner, The YGS Group. For more information and ordering, please contact IBDlicensing@theygsgroup.com or call 800-290-5460.
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