Our fifth annual Investor's Business Daily Most Trusted Financial Companies survey spotlights the enormous value consumers place on safety: the financial soundness of their wealth managers, insurers, banks and credit card companies.
In a year marked by persistent inflation, high borrowing costs as well as global political and financial upheaval, our survey respondents showed us which companies proved worthy of their trust, among both storied veterans and newcomers.
IBD, with its research partner TechnoMetrica Market Intelligence, surveyed more than 7,200 consumers in polls conducted in May through July. Read our overview story, IBD's Fifth Annual Survey Of The Most Trusted Financial Companies.
It's the third year we are presenting our trust survey special report with our sister publication, MarketWatch.
We asked about companies in eight business categories: wealth management, banking, credit cards, ETF/fund companies, online brokers, plus auto insurance, home insurance and life insurance.
Read Our Category Stories On The 2024 Most Trusted Financial Companies In Investing, Insurance, Credit Cards And Banking.
Financial Companies' Most Valued Qualities
Before the full survey, we asked consumers in May to rate the importance of nine trust attributes. The respondents were drawn from visitors to IBD's Investors.com website and email invitations to IBD readers.
Those attributes were narrowed down to eight:
- Financially sound/secure
- Quality of products/services
- Ethical business practices and values
- Privacy and security of personal data
- Customer service
- Prices
- Sensitivity to customer needs in the current economic and financial climate (inflation, stock market, etc.)
- Confidence in management
Notably, we introduced a new attribute this year in the phase-one mix: Confidence in management.
Financially sound/secure received the highest weight in our study, topping our list of the most critical trust factors for a financial company.
In the second phase of the survey, we asked respondents to rate the financial companies they do business with, using the eight attributes. TechnoMetrica calculated an overall IBD Trust Index based on customer ratings for those seven attributes. Read more about the methodology.
Here, we present IBD's 30 Most Trusted Financial Companies.
Wealth managers, ETF/fund companies and online brokers scored at the top of the Trust Index. Credit card issuers and life insurers made up the middle of the pack. Banks, which previously had always been the business category consumers trusted the least, moved up this year. For the first time ever, a bank topped the list in the IBD survey.
Another highlight: Check out which firm scored — for the second year in a row — a trust trifecta, earning the No. 1 rating in all three investment categories: ETF/fund companies, online brokers and wealth management.
Read all our 2024 Most Trusted Financial Companies special report. For comparison, visit our 2023 Most Trusted Financial Companies list to see how companies scored last year.
30 Most Trusted Financial Companies By IBD Trust Index Rating
| Rank | Company | Category | Trust Rating | Soundness | Quality | Privacy | Ethics | Customer Service | Prices | Sensitivity | Confidence In Mgt. |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Schwab Bank | Banks | 87.4 | 91.0 | 88.1 | 89.8 | 87.1 | 84.3 | 88.1 | 80.9 | 83.5 |
| 2 | USAA | Auto Insurance | 87.2 | 93.5 | 89.6 | 88.7 | 89.2 | 86.3 | 76.5 | 79.3 | 83.2 |
| 3 | USAA | Credit Cards | 86.9 | 91.4 | 86.8 | 89.3 | 89.5 | 84.2 | 78.9 | 83.4 | 85.4 |
| 4 | Fidelity Wealth Management | Wealth Managers | 86.7 | 93.3 | 88.7 | 88.5 | 84.6 | 86.7 | 78.1 | 81.1 | 83.5 |
| 5 | USAA | Home Insurance | 85.5 | 92.2 | 87.9 | 87.1 | 86.4 | 85.6 | 74.8 | 75.9 | 83.3 |
| 6 | Northwestern Mutual | Life Insurance | 85.2 | 92.0 | 85.9 | 87.8 | 87.6 | 82.5 | 73.5 | 76.1 | 87.2 |
| 7 | Fidelity Investments | Fund Companies | 85.1 | 91.5 | 87.0 | 84.1 | 84.0 | 85.9 | 78.3 | 79.3 | 83.6 |
| 8 | American Express | Credit Cards | 85.0 | 92.8 | 89.4 | 88.4 | 84.3 | 86.3 | 64.3 | 76.7 | 86.3 |
| 9 | Fidelity | Online Brokers | 84.6 | 89.9 | 84.7 | 84.9 | 83.2 | 84.2 | 81.2 | 79.2 | 84.2 |
| 10 | Charles Schwab | Fund Companies | 84.2 | 88.4 | 84.5 | 84.6 | 84.6 | 83.2 | 80.5 | 80.8 | 81.5 |
| 11 | Vanguard | Fund Companies | 83.4 | 90.5 | 85.9 | 84.3 | 83.9 | 75.1 | 84.3 | 73.5 | 80.3 |
| 12 | Charles Schwab | Online Brokers | 82.8 | 86.8 | 81.6 | 86.0 | 83.6 | 81.7 | 80.5 | 75.1 | 80.4 |
| 13 | Schwab Private Client | Wealth Managers | 82.7 | 87.6 | 82.5 | 86.2 | 81.2 | 82.9 | 77.9 | 76.2 | 80.0 |
| 14 | USAA | Life Insurance | 81.4 | 84.1 | 82.7 | 82.2 | 82.2 | 81.2 | 74.0 | 81.1 | 79.2 |
| 14 | Vanguard Brokerage | Online Brokers | 81.4 | 91.1 | 81.2 | 84.8 | 80.4 | 74.4 | 80.5 | 70.1 | 77.6 |
| 16 | Erie Insurance | Auto Insurance | 81.1 | 83.7 | 89.1 | 76.7 | 84.9 | 81.3 | 77.2 | 67.5 | 77.0 |
| 16 | USAA | Banks | 81.1 | 87.6 | 85.3 | 86.3 | 79.0 | 79.1 | 72.4 | 73.8 | 71.8 |
| 18 | Vanguard | Wealth Managers | 80.8 | 90.0 | 82.8 | 83.6 | 78.8 | 73.2 | 79.9 | 69.8 | 76.1 |
| 19 | Discover | Credit Cards | 80.6 | 84.6 | 84.6 | 84.5 | 78.1 | 84.1 | 70.2 | 68.9 | 78.7 |
| 20 | Morgan Stanley Wealth Management | Wealth Managers | 79.9 | 92.2 | 78.1 | 84.7 | 78.5 | 83.5 | 61.3 | 68.8 | 78.1 |
| 21 | JPMorgan Funds | Fund Companies | 79.1 | 81.3 | 83.3 | 81.7 | 78.7 | 76.6 | 69.6 | 74.7 | 81.2 |
| 22 | Merrill Lynch Wealth Management | Wealth Managers | 78.4 | 86.0 | 78.4 | 83.6 | 76.8 | 80.0 | 62.2 | 73.9 | 77.0 |
| 22 | New York Life | Life Insurance | 78.4 | 86.8 | 76.0 | 81.0 | 80.2 | 80.4 | 63.1 | 72.1 | 78.2 |
| 24 | Capital One Bank | Banks | 77.9 | 84.5 | 81.1 | 79.4 | 73.7 | 78.3 | 74.4 | 68.2 | 72.8 |
| 25 | Auto Club Exchange | Auto Insurance | 77.0 | 86.4 | 83.0 | 77.2 | 78.7 | 77.9 | 59.2 | 60.2 | 77.1 |
| 26 | Prudential | Life Insurance | 76.9 | 86.2 | 77.0 | 80.6 | 77.9 | 70.9 | 69.0 | 68.9 | 72.8 |
| 27 | Capital One | Credit Cards | 76.4 | 84.7 | 79.3 | 79.0 | 73.2 | 77.4 | 66.2 | 65.5 | 74.4 |
| 28 | U.S. Bank | Banks | 76.3 | 88.5 | 72.0 | 80.4 | 75.0 | 76.8 | 63.4 | 68.6 | 75.6 |
| 29 | JPMorgan Chase | Wealth Managers | 76.0 | 81.8 | 78.0 | 76.5 | 74.7 | 76.9 | 64.5 | 73.9 | 76.0 |
| 30 | Chime | Banks | 75.8 | 75.1 | 79.7 | 73.6 | 74.2 | 76.4 | 82.4 | 73.2 | 68.6 |
