USAA and Vanguard nab the top spots overall, while units of JPMorgan Chase, Primerica and AllianceBernstein make their ranking debut
Against a backdrop of rising interest rates, higher inflation and stock-market uncertainty, divisions of USAA, Fidelity and Vanguard emerged at the top of the list of companies boasting strong trustworthiness.
In partnership with sister publication Investor's Business Daily, MarketWatch sought to identify the banks, brokers, wealth managers, insurers, fund and investing companies, and credit-card operators that ranked highest for trust among customers and clients.
USAA emerged with the highest trust rating overall, 85.3, for its automobile-insurance unit, and its home-insurance division came in seventh (check out the complete list below).
USAA sells insurance to current and former U.S. military members as well as their spouses and children.
Vanguard's fund business, including its low-cost exchange-traded funds, were No. 2 overall on the list, while Vanguard's online brokerage platform, Vanguard Brokerage, put in a fifth-place showing overall and was tops among online brokerage platforms.
USAA and Vanguard in the top two spots overall represent a repeat of last year, but there were some notable additions.
Insurer Primerica Inc. (PRI), which hadn't previously ranked in the Most Trust Financial Companies survey, was No. 3 overall for its life-insurance unit. Meanwhile, the fund businesses of AllianceBernstein (AB) and JPMorgan Chase & Co. (JPM) also were new to the list, coming in this year at Nos. 6 and 10 overall.
IBD's most-trusted list made its debut in 2020 to help consumers decide where to turn for financial products and services, and this is the first year that MarketWatch has been involved in the effort.
The Most Trusted Financial Companies list is based on a survey conducted over the previous two months in which more than 6,000 respondents rated their financial service providers on trust attributes identified as most important to them.
This year, we asked customers which companies rank highest on seven attributes -- up from five in 2021:
25 Most Trusted Financial Companies
Rank Company Category Trust rating 1 USAA Automobile insurance 85.3 2 Vanguard ETF/fund companies 83.6 3 Primerica Life insurance 83.4 4 Fidelity Investments ETF/fund companies 79.5 5 Vanguard Brokerage Online brokers 78.6 6 AllianceBernstein ETF/fund companies 77.9 7 USAA Home insurance 76.8 8 American Express Credit card 76.4 9 Discover Credit card 76.1 10 Fidelity Wealth Management Wealth managers 76 10 JPMorgan Funds ETF/fund companies 76 12 AIG Home insurance 75.8 13 Charles Schwab ETF/fund companies 75.6 14 Fidelity Online brokers 75.2 15 Schwab Private Client Wealth managers 75.1 16 Ameriprise Financial Wealth managers 74.9 17 Charles Schwab Online brokers 74.5 18 TD Ameritrade Online brokers 73.8 19 New York Life Life insurance 72.5 19 USAA ETF/fund companies 72.5 21 State Farm Insurance Automobile insurance 71.2 21 State Farm Insurance Home insurance 71.2 23 Progressive Home insurance 71.1 24 Geico Insurance Automobile insurance 70.9 24 Wells Fargo Advantage Funds ETF/fund companies 70.9 Source: IBD/TIPP/MarketWatch Poll of more than 6,000 respondents. Polls were conducted in June and July 2022.
An overall trust index was calculated based on customer ratings for the attributes. Check out the survey methodology here and the complete list on IBD with additional coverage.
(Editor's note: IBD and MarketWatch started out its survey with eight attributes this year but reduced it to seven.)
(END) Dow Jones Newswires
August 29, 2022 12:45 ET (16:45 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.