VISTA Study Finds Satisfaction and Trust Endure as Investor Priorities, Guidance Anchors Confidence Amid Expanding Technology and Investment Choices

Washington, D.C., October 19, 2026 – Today, SIFMA and KPMG LLP released the results of the 2026 Voice of Investor Satisfaction, Trust, and Advocacy (VISTA) study titled “Expanding Choices, Enduring Investor Priorities.” A KPMG LLP independent study sponsored by SIFMA, the study of over 2,100 U.S. individual investors found that 83% are satisfied that the industry is meeting their needs and 82% are satisfied with their firms’ ethical standards and accountability. Investors who work with financial advisors, whether exclusively or as part of a hybrid approach, continue to report the highest levels of satisfaction and trust.

Source: 2026 VISTA study, “Expanding Choices, Enduring Investor Priorities”

“Investor confidence in our industry remains strong, and this year’s results show that it rests on trusted guidance,” said Kenneth E. Bentsen, Jr., president and CEO of SIFMA. “Investors are increasingly aware of new opportunities, but they are unwilling to trade away trust and transparency in pursuit of innovation. SIFMA will continue working to expand investor access while preserving the protections and confidence of investors across every generation, ensuring our capital markets remain the deepest, most liquid, and most resilient in the world.”

Key findings from the 2026 VISTA study include:

1. Technology Alone Is Not the Difference Maker: Investors are not rejecting technology; they are increasingly choosing advisors plus technology.

• Hybrid investors who combine human expertise and self-directed market access report some of the highest levels of satisfaction at 87% and just one point lower than satisfaction in fully advisor-supported investment at 88%.
• While trust in financial advisors as a primary source of investment advice rose to 52%, trust in AI-only financial advice declined across generations, among Gen Z it fell from 20% in 2025 to 10% in 2026.
• Meanwhile, 43% of investors said they are unlikely to switch providers due to enhanced digital and AI capabilities, up from 35% last year.

Source: 2026 VISTA study, “Expanding Choices, Enduring Investor Priorities”

2. The Next Generation Is Redefining Expectations, Not Priorities: Trust, advice, and performance remain foundational, even as younger investors bring new expectations around transparency and engagement.

• Gen Z increased its reliance on financial advisors as the primary source of investment advice from 39% in 2025 to 42% in 2026 and now weighs transparency equally with returns.
• Millennials emerged as the industry’s leading satisfaction and trust segment, with 92% of advisor-supported Millennials satisfied with the industry’s ability to meet their needs and 85% trusting the industry to act in their best interest, up from 77% last year.

Source: 2026 VISTA study, “Expanding Choices, Enduring Investor Priorities”

3. Interest in New Investment Categories Is Growing – Cautiously: For the first time, VISTA examined investor interest in private markets, digital assets, and prediction markets.

• Younger investors report higher levels of familiarity, ownership, and interest in new investment categories than older generations, with 65% of Millennials and 57% of Gen Z very or somewhat interested in investing retirement savings in private markets.
• Interest does not necessarily translate into participation, as concerns about risk, security, and unfamiliarity remain the main barriers.

Source: 2026 VISTA study, “Expanding Choices, Enduring Investor Priorities”

Overall, the results point to an opportunity for firms to help investors move from curiosity to confidence through education, transparency, protection, and trusted advice.

“In the face of rapidly shifting markets, it’s no wonder that the next generation of investors is focused on building confidence, and ensuring that technology is backed by demonstrable expertise,” said Nadia Orawski, Principal, Advisory Line of Business Lead – Financial Services, KPMG LLP. “Trusted relationships have never mattered more, especially for Gen Z investors.”

For more information and results from the survey, the “Expanding Choices, Enduring Investor Priorities” report can be found here.

-30-

About SIFMA:

SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

About KPMG:

KPMG LLP is the U.S. member firm of the KPMG global organization of independent member firms providing audit, tax and advisory services. The KPMG global organization operates in 138 countries and territories and has more than 276,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to increasing access to education and opportunity, advancing mental health, and supporting community vitality. Learn more at www.kpmg.com/us.