Washington, D.C., October 21, 2025 – Today, SIFMA and KPMG released the results of the 2025 Voice of Investor Satisfaction, Trust, and Advocacy (VISTA) study titled “The Future of Investment Advice” at SIFMA’s Annual Meeting, showing a healthy baseline of investor confidence and a clear mandate for the industry. A KPMG independent study sponsored by SIFMA, the survey of over 2,000 U.S. individual investors found that eight in ten investors are satisfied with the financial services industry overall, and nearly seven in ten say they trust it. Advisor-supported investment relationships remain central, with satisfaction close to 90% and peaking at 91% for Boomers. Ethical standards also scored well, with 83% of investors expressing satisfaction.

Source: The Future of Advice: Why Combining Trust and Technology is Key to Attracting New Generations of Investors

While advisors remain the foundation of trust and satisfaction for millions of investors, the VISTA survey found that generational divides are reshaping investor expectations and perceptions. The results underscore a mandate for the financial services industry to improve the delivery of advice and enhance the digital experience to better engage the next generation of investors.

Source: The Future of Advice: Why Combining Trust and Technology is Key to Attracting New Generations of Investors

Younger investors are increasingly self-directed, demanding more transparency and digital-first experiences. Gen Z is the only generation where satisfaction (77%) and trust (64%) are higher with self-directed models than with advisor-supported ones (72% satisfaction, 63% trust), signaling a fundamental shift in expectations. While Boomers prioritize returns and performance above all else, Gen Z places over four times greater emphasis on transparency and seven times greater emphasis on digital capabilities than Boomers. This digital focus also drives loyalty: Gen Z is 2.5 times less likely than Gen X and 4 times less likely than Boomers to remain with their provider when better digital options are available, and nearly twice as likely as Gen X and seven times as likely as Boomers to switch providers for improved technology. The study also highlights opportunities for hybrid models that combine advisor support with self-direction, which emerge as the most effective approach to meeting evolving investor needs.

Source: The Future of Advice: Why Combining Trust and Technology is Key to Attracting New Generations of Investors

Financial advice remains central to investor satisfaction and trust, but the results reveal that communication, delivery, and product offerings must adapt to better appeal to younger generations: advice must be available in the ways investors want to receive it. The future of advice will depend on the industry’s ability to deliver stronger digital capabilities across all models and seamlessly integrate technologies to meet the expectations of the next generations of investors.

“These results show a healthy baseline of investor confidence, and they also deliver a clear mandate,” said Ronald J. Kruszewski, Chairman of the Board and Chief Executive Officer, Stifel and Incoming 2026 Chair of the SIFMA Board of Directors. “Advisors remain the foundation of trust for millions of investors, but the next generation is asking for more transparency and better digital experiences. SIFMA will use this survey as a benchmark to help the industry bridge the generational gap, improve digital offerings, and build trust across every generation.”

“The VISTA survey provides valuable insights on how investors view our industry,” said Kenneth E. Bentsen, Jr., President and CEO of SIFMA. “While satisfaction and trust remain high, the results highlight the importance of transparency and accountability in sustaining confidence in the capital markets. As the leading voice of U.S. broker-dealers, investment banks, and asset managers, SIFMA is committed to ensuring our markets remain effective, resilient, and responsive to the needs of investors across generations and asset classes.”

For more information and results from the survey, The Future of Investment Advice report can be found here.

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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.