(I Can't Get No) Satisfaction
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A recent survey suggests investors have higher rates of satisfaction with regional and independent broker/dealers than with wirehouse firms.
Edward Jones comes out on top for the second consecutive year in J.D. Power And Associates' 2006 Full-Service Satisfaction Study, which surveyed over 5,000 investors. The survey examined seven factors that contribute to overall satisfaction. They are (in order of importance): competitiveness of portfolio (20 percent); financial advisor/broker (18 percent); account set-up/account offerings (17 percent); commissions and fees (13 percent); customer service representative (12 percent); convenience (11 percent); and account statements (10 percent). Regionals and independents occupied the first four spots, with full-service firms trailing them. But market consultant Russ Alan Prince points out that full-service firms often have wealthier clients who tend to have more complex financial-planning issues and may be extra demanding.
| Edward Jones | 808 |
| Raymond James Financial | 800 |
| A.G. Edwards | 778 |
| LPL Financial Services | 775 |
| Vanguard | 775 |
| Merrill Lynch | 768 |
| UBS Financial Services | 766 |
| Smith Barney | 760 |
| Industry Average | 758 |
| Wachovia | 750 |
| Ameriprise Financial | 746 |
| Charles Schwab | 735 |
| Fidelity Investments | 728 |
| Morgan Stanley | 720 |
| *Included in the study, but not ranked due to insufficient sample, are: Citicorp Investment Services, Dain Rauscher, J.P. Morgan, Legg Mason, Robert W. Baird, TD Waterhouse and UBS Piper Jaffray. | |
| Source: J.D. Power and Associates | |
