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Follow on Google News | Study: Seniors Place Ethics Above Expertise Among Trust Factors for ProfessionalsWhom do seniors trust and why? According to the 2007 Financial Freedom Senior Sentiment Survey, the fourth annual survey from Financial Freedom, , being an expert in a field just isn’t enough.
By: Financial Freedom -- Local Bank Reps, CPAs, Doctors and Nurses among Most Trusted – -- Mortgage Brokers, Stock Brokers and Politicians Least Trusted -- Irvine, CA –– Whom do seniors trust and why? According to the 2007 Financial Freedom Senior Sentiment Survey, the fourth annual survey from Financial Freedom, a Subsidiary of IndyMac Bank F.S.B. (Indymac Bank®), and the nation’s largest originator of reverse mortgages, being an expert in a field just isn’t enough. Professionals can’t rely on their company’s brand name or a personal referral if they hope to establish trust with a senior. While important, these factors ranked less important than seniors’ perception of professionals’ “These findings underscore what we have been preaching to reverse mortgage originators and other financial professionals for over a decade – to gain acceptance among seniors, it’s crucial to demonstrate integrity across the entire enterprise from point of contact to products to servicing,” said Michelle Minier, CEO of Financial Freedom. “It’s why Financial Freedom and the industry have built important senior safeguards into products, like required counseling, enhanced disclosures and ensuring that seniors retain title to their homes.” The survey found that seniors seem to be less trusting of financial professionals in general, especially those whose compensation is tied to commissions. When asked how much they trust the financial professionals with whom they work, only 23% indicated that they strongly trusted their professionals and that was because of long experience with them. The majority (63%) of seniors indicated a lack of trust in financial professionals with 33% responding that they neither trust nor distrust and 30% responding they only somewhat trust financial professionals. Although the amount of trust varies a lot by profession, this is illustrated by seniors’ ranking of financial and other professionals on a provided list. Looking at just financial professionals, 53% of seniors indicated they trust, somewhat trust or very strongly trust their local bank rep, followed by their accountant (44%), and health care rep (38%). Realtors, stock brokers and mortgage brokers – all of whom work off commissions, finished last. The breakdown of financial professionals is below: • Local bank representative, 53% • Accountant, 44% • Insurance rep, 35% • Lawyer, 33% • Fee based financial advisor/planner, 30% • Realtor, 25% • Commission based stock broker/ financial consultant, 21% • Mortgage broker, 18% When asked about other professions with whom they interact, seniors indicated that they trust doctors, nurses and veterinarians the most. Politicians finished last, garnering just 5% of seniors’ trust. The breakdown of non-financial professionals is below: • Doctor, 89% • Nurse, 86% • Veterinarian, 81% • Priest, minister, rabbi or other religious guide, 73% • Policeman, 70% • Plumber or carpenter or other similar tradesman, 51% • Auto mechanic, 49% • Politician, 5% The Financial Freedom Senior Sentiment Survey measured the opinions of “young seniors” aged, 62-75 on a variety of topics from retirement planning to family affairs to general quality of life issues. For a copy of the complete study, please contact Frank Piemonte of River Communications at fpiemonte@riverinc.com or by calling 914-686-5599. About Financial Freedom Financial Freedom Senior Funding Corporation, a subsidiary of IndyMac Bank, F.S.B., headquartered in Irvine, California, is the largest originator of reverse mortgages in the United States. Financial Freedom originated over $5 billion in loan fundings on $15.2 billion in home value in reverse mortgages in 2006 and is now the largest servicer of reverse mortgages with a servicing portfolio of over 130,000 loans. Financial Freedom developed the industry’s first reverse mortgage software, the Reverse Mortgage Analyzer, to help lenders compare the benefits between the HECM, Fannie Mae and the Cash Account products. The Reverse Mortgage Analyzer has been a powerful tool since 1997 and is the industry standard with more than 28,000 registered users. In addition, this RMA software application has been used to train counselors. Financial Freedom is also founding member of the National Reverse Mortgage Lenders Association. NRMLA is a nonprofit trade association, based in Washington, DC, whose mission is to support the continued evolution of reverse mortgages as an important financial option for senior homeowners while educating both its members and consumers about the varied applications of this unique loan. For more information, visit the Financial Freedom Web site at www.financialfreedom.com. Members sign a Code of Conduct pledging to abide by guidelines that assure fair, ethical, and respectful practices in offering and making reverse mortgages to seniors. For more information, visit the NRMLA Web site at www.reversemortgage.org. ®2007 Registered trade/service marks are property of Financial Freedom Senior Funding Corporation, A Subsidiary of IndyMac Bank, F.S.B. ©2007 Financial Freedom Senior Funding Corporation About Indymac Bank IndyMac Bank, F.S.B. (Indymac Bank®), the 7th largest savings and loan in the nation, is the principal subsidiary of IndyMac Bancorp, Inc. (“Indymac®” For more information about Indymac and its affiliates, or to subscribe to the Company's Email Alert feature for notification of Company news and events, please visit http://about.indymacbank.com/ Website: www.financialfreedom.com End
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