The Future of Investment Advice: Voice of Investor Satisfaction, Trust, and Advocacy (VISTA) Study
A KPMG LLP independent study, sponsored by SIFMA
Executive Summary
The investment industry is and always will be built on trust. Good news: eight in ten investors today express satisfaction with the industry, and roughly seven in ten have trust in it, according to the 2025 Voice of Investor Satisfaction, Trust and Advocacy (VISTA) study from KPMG LLP and SIFMA. Importantly, the traditional advisor-supported model remains a gold standard reflecting decades of relationship building and ethical conduct.
The study, developed to understand the changing expectations of US retail investors, reveals other reassuring strengths as well as some developing challenges based on a changing investor base. In particular, younger investors who stand to inherit trillions of dollars in wealth prefer self-directed investing, more transparency, and better digital experiences. They also are more likely to change investment firms for better digital capabilities, making them a potential flight risk. While financial advisors are essential for driving positive investor attitudes, the industry must evolve to stay innovative.
A hybrid model combining human expertise and self-directed access to the markets is capable of delivering on those expectations while maintaining investor confidence. The VISTA study supports this premise: hybrid investors report higher trust and satisfaction than purely self-directed investors. Nearly one in three investors have already chosen a hybrid approach, suggesting that the future of investing doesn’t mean choosing between human expertise or digital innovation-it’s seamlessly integrating both.
Organizations looking to compete in this hybrid investment world will need to enhance their strategies and capabilities to complement their traditional strengths, including preparing their financial professionals for the changes to come. Those that can blend the trust and expertise of human advisors with the transparency, accessibility, and digital sophistication younger generations demand have the opportunity to capture both market share and client loyalty.