| Investors Rely on "Personal Research" as Primary Source of Investment Advice, According to Weiss Survey |
PALM BEACH GARDENS, Fla., November 5, 2002 - More than 43 percent of investors polled cited "personal research" as their primary source for investment advice, according to a recent online survey conducted by Weiss Ratings, Inc., the nation's leading independent provider of ratings and analyses of financial services companies, mutual funds, and stocks.
The results of the online survey were based on voluntary responses from 1,093 individuals visiting the Weiss Ratings website (www.WeissRatings.com). Presented with the question, "What is your primary source for investment advice?," respondents were asked to vote once for one of eight choices. The following is a summary of all responses received:
| What is your primary source for investment advice? | |
| 43.3 | |
| 28.6 | |
| 11.3 | |
| 6.3 | |
| 3.8 | |
| 3.5 | |
| 1.8 | |
| 1.4 | |
"Investors clearly no longer trust Wall Street analysts and stockbrokers in light of the recent scandals and poor investment performance," commented David Lackey, president of Weiss Ratings, Inc. "Many people have discovered that the advice they've been getting from a broker or financial planner is often only as good as the market's overall direction, which for the last two and a half years has been pretty dismal."
Weiss Ratings (www.WeissRatings.com) issues safety ratings on more than 15,000 financial institutions, including banks and thrifts, insurers, HMOs, and securities brokers. The company also rates the risk-adjusted performance of more than 11,000 mutual funds and 9,000 stocks. Weiss Ratings is the only major rating agency that receives no compensation from the companies it rates. Revenues are derived strictly from sales of its products to consumers, businesses, and libraries.
Consumers needing more information on a specific stock or mutual fund can purchase a rating and summary analysis for as little as $7.95 through www.WeissRatings.com, or starting at $15 by calling 800-289-9222.
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