(I Can't Get No) Satisfaction

A recent survey suggests investors have higher rates of satisfaction with regional and independent broker/dealers than with wirehouse firms.

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.

Overall Customer Satisfaction Index Scores
(Based on a 1,000-point scale)
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
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