The Future of Investment Advice: Voice of Investor Satisfaction, Trust, and Advocacy (VISTA) Study

A KPMG LLP independent study, sponsored by SIFMA

Executive Summary

Individual investors today have access to more technology, more information, and more investment opportunities than ever before. Yet the factors that underpin investor confidence have remained remarkably consistent: satisfaction and trust.

The second Voice of Investor Satisfaction, Trust, and Advocacy (VISTA) study by KPMG LLP, sponsored by SIFMA, found that investors who work with financial advisors continue to report the highest levels of satisfaction and trust, whether they rely on advisors exclusively or combine advice with digital tools. The results suggest that technology is most effective when it complements, rather than replaces, professional advice.

In fact, one of the more surprising findings in this year’s VISTA study is that investors across all generations are shifting how much they rely on AI-powered investing tools alone, and, at the same time, increasing reliance on financial advisors.

For the first time, the study examined investor familiarity with private markets, digital assets, and prediction markets, finding that investor interest in these emerging asset classes is expanding. Interest is strongest among millennials and Gen Z, signaling growing demand for opportunities beyond traditional public markets among those with longer investment horizons.

Younger investors may be redefining expectations around engagement, but not the fundamentals that drive confidence. Trust, performance, and professional guidance remain central to the investor experience, creating an opportunity for firms to help investors move from curiosity to confidence through education, transparency, protection, and trusted advice.