Consumers that have not used their primary financial institution to purchase stocks or mutual funds were asked to indicate the reason(s) why they would not consider using the investment services of a bank, savings institution, or credit union as a source to purchase stocks or mutual funds.

One-half (49%) of all respondents indicate that they would not consider using the investment services of financial institution because they are satisfied with their current investment providers and see no reason to change.

Three out of 10 (30%) of all respondents contend that they would not consider using the investment services of financial institution because bank, savings institution, and credit union employees do not have the knowledge to offer these services.

Over one-quarter (28%) of all respondents feel that that banks, savings institutions, or credit unions should not be involved in the business.

One-fifth (22%) of all respondents indicate that they would not consider using the investment services of financial institution because those institutions lack investment experience.

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About RFG’s national consumer research

Financial institutions receive national consumer research through RFG’s Strategic Planning Study Group (SPSG), a marketing research program consisting of semi-annual consumer surveys on current industry topics derived from RFG’s research process.

Based upon 1,155 survey responses of a randomly drawn sample of members of a nationally representative direct mail panel, the consumer responses used in this study were weighted to reflect the nation’s demographic composition. The study’s confidence interval for any proportion gathered in the survey is in a range of 1.7% to 2.9% at the 95% level of confidence.

For more information about RFG’s national consumer research, visit www.raddon.com/spsg.

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