Turmoil in investment markets and the U.S. economy hit customers of financial companies hard. Investor’s Business Daily’s Most Trusted Financial Companies survey, our third annual report, shows that rough conditions provided opportunities for some titans to solidify their positions while also creating openings for some newcomers.
IBD, in partnership with TechnoMetrica, surveyed more than 6,500 consumers in two polls conducted in June and July. And this year we’re presenting our trust survey report with our sister company, MarketWatch.
Once again, we surveyed companies in eight business categories: ETF/fund companies, online brokerages, wealth managers, credit card companies, banks, and auto, home and life insurers.
Nearly 700 respondents rated the importance of 12 attributes for Phase 1 of the poll. The seven qualities consumers selected as most important were:
- Quality of products and services.
- Ethical business practices and values.
- Commitment to protecting the privacy and security of personal data.
- Company’s service/treatment of others.
- Fair prices/fees for products and services.
- Sensitivity to customer needs in the current economic and financial climate (inflation, stock market, etc.).
- Innovation of processes and offerings.
In Phase 2, we asked respondents to rate the financial companies they do business with using these seven attributes. TechnoMetrica calculated an overall IBD Trust Index (read more about the methodology) based on customer ratings for those seven attributes.
Here, we present the 25 Most Trusted Financial Companies. Insurance, ETF/Fund companies and online brokers scored up at the top of the list, but a life insurance company broke into the top five this year. As you’ll see, no banking companies or banking divisions of larger companies made the top 25 list.
Read our 2022 overview story and breakout stories on investing, insurance, credit cards and banking to see the top three companies in each of the eight financial business categories. And for comparison, visit our 2021 Most Trusted Financial Companies list to see how companies scored last year. (All our 2022 Most Trusted Financial Companies content also can be found here.)
25 Most Trusted Financial Companies By IBD Trust Index Rating
|Rank||Company||Category||Overall Trust Rating||Quality||Ethics||Privacy||Customer Service||Price||Sensitivity To Customer Needs||Innovation|
|4||Fidelity Investments||ETF/Fund Companies||79.5||80.1||80.6||86.9||82.9||72.6||73.5||73.1|
|5||Vanguard Brokerage||Online Brokers||78.6||81.4||79.8||82.7||78.5||77.9||72.4||67.5|
|8||American Express||Credit Card||76.4||80||77.6||84.9||81.1||61.5||69.3||74.7|
|10||Fidelity Wealth Management||Wealth Managers||76||76.1||78.8||80.4||80.3||69.1||70.1||71.8|
|10||JPMorgan Funds||ETF/Fund Companies||76||78||73.2||81.9||77||68.8||74.2||80.3|
|13||Charles Schwab||ETF/Fund Companies||75.6||74.8||79.2||79.3||74.9||73.7||71||73.3|
|15||Schwab Private Client||Wealth Managers||75.1||76.9||76.3||79.6||76.8||70.6||69.1||71.6|
|16||Ameriprise Financial||Wealth Managers||74.9||75.9||75.4||81.9||73.2||69.2||72.2||74.9|
|17||Charles Schwab||Online Brokers||74.5||75||76.6||77.5||76.8||71.6||67.5||73.2|
|18||TD Ameritrade||Online Brokers||73.8||75.2||75.6||79.8||76.8||68||64.3||72.4|
|19||New York Life||Life Insurance||72.5||73.3||73.8||79.5||76.3||65.4||65.5||68|
|21||State Farm Insurance||Auto Insurance||71.2||76.6||74.3||82.3||75.4||57.6||59.4||57.8|
|21||State Farm Insurance||Home Insurance||71.2||73.7||74.6||79||74.8||60.2||63.7||62.8|
|24||Geico Insurance||Auto Insurance||70.9||80.2||70.9||77||74.2||63.3||57.2||60.5|
|24||Wells Fargo Advantage Funds||ETF/Fund Companies||70.9||70.2||67.7||76.6||73.4||66.4||69.5||73.6|
Source: IBD/TIPP Poll of 691 respondents in phase 1 and 6,520 respondents in phase 2. Polls were conducted in June and July 2022.
The Most Trusted Financial Companies logo and accolades are available for licensing through Investor’s Business Daily’s partner, The YGS Group, by email at [email protected] or at 800-290-5460.
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