A US study of more than 2,100 investors finds satisfaction with the industry at 83 per cent, while trust in AI as a sole source of financial guidance continues to decline across all generations.
Despite rapid advances in financial technology and an expanding menu of investment options, investors are not walking away from their financial advisors - and, in a notable shift, they are growing more sceptical of artificial intelligence as a standalone source of guidance.
The 2026 Voice of Investor Satisfaction, Trust, and Advocacy (VISTA) study - an independent report by KPMG LLP, sponsored by the Securities Industry and Financial Markets Association (SIFMA) and released October 19, 2026 - surveyed 2,123 individual investors in the United States with at least US$100,000 in investable assets and at least one year of investing experience.
It found that 83 per cent are satisfied the industry is meeting their needs, 82 per cent are satisfied with their firms' ethical standards and accountability, and 67 per cent trust the industry to act in their best interest. Across all investment approaches, those who work with financial advisors - whether exclusively or through a hybrid model that combines professional advice with self- directed access - continue to report the highest scores on satisfaction and trust.
While the data is drawn from the US market, the findings closely mirror a pattern Canadian wealth professionals are already seeing. A 2026 TD Bank Group survey of 2,501 Canadians found that 71 per cent place greater confidence in human intelligence over AI financial advice, reinforcing what the VISTA data documents south of the border: trust in human guidance is proving durable, even as digital tools become more embedded in daily life.
The AI- only model is losing ground
The most pointed finding in the VISTA study concerns the trajectory of trust in AI- only financial advice. Among Gen Z - widely considered the generation most at ease with digital tools - trust in AI as a primary source of investment guidance fell from 20 per cent in 2025 to 10 per cent in 2026, according to the KPMG/SIFMA report.
Across all generations, trust in financial advisors as the primary source of investment advice rose to 52 per cent, up two percentage points year over year.
The study also found that 43 per cent of investors say they are unlikely to switch providers based on enhanced digital or AI capabilities, up from 35 per cent in 2025. Technology, the report concludes, has become a standard expectation rather than a reason to move accounts.
That framing will be familiar to Canadian advisors navigating their own industry's AI conversation. The 2026 Natixis Global Survey of Financial Advisors found that 69 per cent of North American advisors say investors take unnecessary risks when they rely on AI for advice - a concern that squares directly with what the VISTA data shows about the limits of investor confidence in AI-only guidance.
At the same time, the study cautions against reading AI's declining standing as investor rejection of technology altogether. Hybrid investors - those who pair an advisor with some degree of self- directed investing - reported 87 per cent satisfaction in 2026, up from 85 per cent the previous year, and just one point below the 88 per cent satisfaction rate recorded among fully advisor- supported clients.
The clear takeaway is that technology works best when it complements professional advice, not when it attempts to replace it.
"Investor confidence in our industry remains strong, and this year's results show that it rests on trusted guidance," said Kenneth E. Bentsen, Jr., president and CEO of SIFMA. "Investors are increasingly aware of new opportunities, but they are unwilling to trade away trust and transparency in pursuit of innovation."
Millennials emerge as the industry's most confident segment
For advisors focused on next- generation client development, the study's generational data provides timely intelligence.
Millennials with advisor- supported investment relationships reported the highest satisfaction and trust scores of any segment in 2026: 92 per cent said they are satisfied with the industry's ability to meet their needs, and 85 per cent trust the industry to act in their best interest - up from 77 per cent in 2025, according to the KPMG/SIFMA report.
Those numbers carry particular weight given the scale of intergenerational wealth movement already underway. As Wealth Professional has reported, Canada's great wealth transfer is reshaping the priorities of financial advisors and institutions as Gen X and millennials stand to inherit an unprecedented share of wealth from baby boomers. The VISTA findings add an important dimension to that picture: millennial confidence in advisor- led investing is not merely stable - it is accelerating.
Gen Z's position is more layered. That cohort now ranks transparency on equal footing with investment returns as a key priority - a shift that advisors will need to account for as younger clients grow in both number and assets. Gen Z also slightly increased its reliance on financial advisors as a primary resource, from 39 per cent in 2025 to 42 per cent in 2026.
"Trusted relationships have never mattered more, especially for Gen Z investors," said Nadia Orawski, principal and advisory line of business lead for financial services at KPMG LLP in the United States.
Growing interest in private markets, cautious participation
For the first time, the 2026 VISTA study examined investor familiarity with private markets, digital assets, and prediction markets. The results point to meaningful demand among younger investors, though barriers between curiosity and action remain significant.
Among millennials surveyed, 65 per cent reported being very or somewhat interested in investing retirement savings in private markets; 57 per cent of Gen Z investors expressed similar interest, according to the KPMG report. Concerns about risk, complexity, security, and unfamiliarity were identified as the primary obstacles to broader participation across all three emerging investment categories.
For Canadian advisors, this dynamic reflects a client conversation already taking shape domestically. Liquidity constraints, subscription complexity, and higher fees continue to act as barriers in the Canadian alternatives marketplace, and the advisor's role as educator and risk navigator has never been more central to converting client interest into appropriate participation.
The full "Expanding Choices, Enduring Investor Priorities" report is available through SIFMA's research portal. The study was conducted online between July 22 and August 14, 2026.
