Our fourth annual Investor's Business Daily Most Trusted Financial Companies survey spotlights the enormous value consumers place on safety: the financial soundness of their wealth managers, insurers, banks and credit card companies.
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In a year marked by bank failures, market upheaval and aggressive Fed tightening, our survey respondents showed us which companies proved worthy of their trust, among both storied veterans and newcomers.
IBD partnered with TechnoMetrica Market Intelligence to survey more than 7,500 consumers in polls conducted in May through July. Read our overview story, IBD's Fourth Annual Survey Of The Most Trusted Financial Companies.
It's the second year we are presenting our trust survey special report with our sister publication, MarketWatch.
We asked about companies in eight business categories: wealth management, banking, credit cards, ETF/fund companies, online brokers, plus auto insurance, home insurance and life insurance.
Read Our Category Stories On The 2023 Most Trusted Financial Companies In Investing, Insurance, Credit Cards And Banking
Financial Companies' Most Valued Qualities
Before the full survey, we asked 507 consumers in May to rate the importance of 12 trust attributes. The respondents were drawn from visitors to IBD's Investors.com website and email invitations to IBD readers.
Those attributes were narrowed down to seven:
- Financially sound/secure
- Quality of products/services
- Ethical business practices and values
- Privacy and security of personal data
- Customer service
- Prices
- Sensitivity to customer needs in the current economic and financial climate (inflation, stock market, etc.)
Notably, we introduced a new attribute this year in the Phase 1 mix: Financially sound/secure.
Financially sound/secure received the highest weight in our study, topping our list of the most critical trust factors for a financial company.
In Phase 2 of the survey, we asked respondents to rate the financial companies they do business with, using the seven attributes. TechnoMetrica calculated an overall IBD Trust Index based on customer ratings for those seven attributes. Read more about the methodology
Here, we present IBD's 30 Most Trusted Financial Companies. Online brokers and ETF/Fund companies scored at the top of the Trust Index, but a bank breaks into the Top 10 this year for the first time in the IBD survey. Another highlight: Check out which firm scores a trust trifecta, earning the No. 1 rating in all three investment categories: ETF/fund companies, online brokers and wealth management.
Read all our 2023 Most Trusted Financial Companies content.For comparison, visit our 2022 Most Trusted Financial Companies list to see how companies scored last year.
30 Most Trusted Financial Companies By IBD Trust Index Rating
| Rank | Category | Company | Trust index | Sound | Quality | Privacy | Ethics | Cust. service | Prices | Sensitivity |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Online Brokers | Fidelity | 87.8 | 92.5 | 88.8 | 89.2 | 86.2 | 86.5 | 84.3 | 82.7 |
| 2 | ETF/Fund Companies | Fidelity Investments | 87.3 | 92.6 | 87.1 | 89.2 | 87.5 | 87.3 | 81.6 | 81.4 |
| 3 | Auto Insurance | USAA | 87.2 | 92.6 | 89 | 91.6 | 86.9 | 86.3 | 78.9 | 79.1 |
| 4 | Home Insurance | USAA | 86.8 | 91.3 | 87.9 | 89.5 | 87.8 | 86.5 | 78.9 | 80.4 |
| 5 | Banking | Schwab Bank | 86.5 | 85.8 | 89.6 | 87.5 | 86.9 | 87.2 | 85.6 | 81.5 |
| 6 | Wealth Management | Fidelity Wealth Management | 86.1 | 91.2 | 87.6 | 89.6 | 85.5 | 84.3 | 78.9 | 80.1 |
| 7 | Online Brokers | Charles Schwab | 85.2 | 87.1 | 86.6 | 86.6 | 85.5 | 86 | 83.9 | 77.9 |
| 8 | ETF/Fund Companies | Charles Schwab | 84.9 | 86.1 | 86.7 | 88 | 84.1 | 86.4 | 80 | 80.4 |
| 9 | ETF/Fund Companies | American Funds/Capital Group | 84.8 | 87.6 | 87 | 87.5 | 85.8 | 84 | 75.4 | 82.7 |
| 10 | Wealth Management | Schwab Private Client | 84.7 | 87.4 | 85.2 | 86.3 | 85.9 | 87.1 | 78.2 | 79.7 |
| 11 | Credit Cards | American Express | 84.6 | 92.2 | 89.9 | 88.5 | 82.5 | 88.5 | 64.3 | 77.3 |
| 11 | Credit Cards | Discover | 84.6 | 90.6 | 86 | 90.2 | 83.2 | 82.5 | 77.9 | 75.3 |
| 13 | Auto Insurance | Erie Insurance | 83.8 | 87.6 | 89.7 | 84.6 | 79.5 | 87.2 | 76.9 | 76 |
| 13 | Online Brokers | TD Ameritrade | 83.8 | 86.4 | 84.3 | 88.1 | 83.2 | 83.9 | 79 | 78 |
| 13 | Home Insurance | Erie Insurance | 83.8 | 89.2 | 83 | 83.3 | 86.2 | 81.7 | 79.1 | 79.9 |
| 16 | ETF/Fund Companies | Vanguard | 83.6 | 91.4 | 85.2 | 85.9 | 81.6 | 75.3 | 85 | 74.8 |
| 17 | Online Brokers | Vanguard Brokerage | 83.3 | 91.4 | 81.5 | 85.7 | 83.8 | 75 | 85.3 | 74.8 |
| 18 | ETF/Fund Companies | USAA | 82.5 | 84.4 | 81.6 | 88.4 | 80.8 | 82.2 | 76.9 | 80.7 |
| 19 | Wealth Management | Vanguard | 82.3 | 90.3 | 81.8 | 86.9 | 78.8 | 77.8 | 83.1 | 70.7 |
| 20 | Life Insurance | Northwestern Mutual | 82.2 | 89.8 | 83.8 | 86.5 | 86.1 | 80.5 | 67.1 | 73 |
| 21 | Wealth Management | Merrill Lynch Wealth Management | 80.7 | 87.8 | 80.1 | 87.2 | 82.3 | 80.5 | 65.4 | 73.8 |
| 22 | Auto Insurance | Auto-Owners Insurance | 80.5 | 86.8 | 84 | 84.7 | 81.2 | 80.4 | 70.3 | 68.1 |
| 23 | Life Insurance | New York Life | 80.4 | 86.7 | 80.9 | 85.9 | 83.1 | 79.8 | 65.8 | 73.6 |
| 24 | Auto Insurance | American Family Insurance | 80 | 85.1 | 84.2 | 81.4 | 77.7 | 82.2 | 70.6 | 73.1 |
| 25 | Wealth Management | Edward Jones | 79.6 | 80.2 | 81.3 | 85.7 | 79.6 | 85.1 | 68.5 | 73.1 |
| 26 | ETF/Fund Companies | Wells Fargo Advantage Funds | 78.4 | 81.7 | 80.2 | 83.2 | 72.5 | 77.9 | 76.3 | 73.3 |
| 27 | Credit Cards | U.S. Bank | 78.3 | 81.4 | 79.3 | 83.2 | 77.1 | 82.6 | 69.6 | 70.5 |
| 27 | Life Insurance | Nationwide | 78.3 | 82.1 | 77.1 | 80.4 | 78.4 | 79.7 | 70.8 | 76.1 |
| 29 | Life Insurance | State Farm | 78.2 | 80.8 | 78.9 | 79.3 | 77.9 | 80.9 | 73.1 | 73.7 |
| 30 | Home Insurance | State Farm Insurance | 77.4 | 86.1 | 79.9 | 82.3 | 78 | 77.5 | 61 | 67.6 |
Source: IBD/TechnoMetrica Phase 2 poll, June-July 2023, 7,597 respondents.
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 [emailprotected] or at 800-290-5460.
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