(Source: Business Wire)According to a new Charles Schwab survey, 25 percent of Chicago investors are considering changing financial services firms/brokers in the next year based on their overall frustrations with their current situation. With 92 percent saying they are frustrated about the money they lost in the past year and 65 percent admitting they are only somewhat confident in the guidance they receive from professionals, investors are taking stock of their own actions and accountability, while considering what they want and expect from their brokers.

The survey uncovered investors' top reasons for why they would leave their current firm. Nearly half (49 percent) cited "the financial stability of my firm being in question" and 43 percent listed the cost of doing business with the firm. In addition, policy changes and investment performance were cited by many as reasons they would consider leaving their firm (35 and 34 percent, respectively). Only slightly more than half (56 percent) of respondents said they trust their current firm, and just a third (38 percent) think their firm is more stable than other firms.

At the same time, many investors were wary of change, and when asked for reasons why they would stay with their current firm, responses included:

˜I might lose money if I make a switch' (20 percent)

˜I don't know of any better options' (20 percent)

˜It's time consuming to make a switch' (16 percent)

When asked what they would like to be different about their financial firm or broker in the next year, the top responses related to the cost of working with them (29 percent), the frequency of proactive contact (26 percent) and the quality of advice (25 percent).

"With one in four Chicagoans ready to make the move, investors are seeking a genuine partner they can trust to help them plan for the long-term," said Jim Stoops, financial consultant at Charles Schwab's Chicago branch. "They are understandably frustrated by the last year and have responded by expecting more from the experts they turn to for guidance."

Proactive Stance

However, investors admit the responsibility is a shared one. Forty-two percent of those surveyed now review their finances at least once a day, compared to 19 percent prior to fall 2008.