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Wirehouse Wealth Management Firms Struggle to Keep Advisors Satisfied Through Pandemic and Beyond, J.D. Power FindsDespite the massive, industry-wide disruption caused by the COVID-19 pandemic, booming financial markets and significant gains in production have boosted overall financial advisor satisfaction this year. But not all advisors are feeling the warm glow of support from their firm. According to the J.D. Power 2021 U.S. Financial Advisor Satisfaction Study,SM released today, advisors working for wirehouse firms1 generally indicate having significantly lower levels of support from their firm, greater disruption of business services and more difficulty transitioning to remote work than do those advisors working for non-wirehouse and independent advisory firms. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210707005022/en/ J.D. Power 2021 U.S. Financial Advisor Satisfaction Study (Graphic: J.D. Power) "Advisor satisfaction is directly linked to retention and brand advocacy, so firms that want to get the most out of their advisors need to invest in providing them with the best tools and support to do their jobs effectively under all circumstances," said Mike Foy, senior director of wealth and lending intelligence at J.D. Power. "This year has been especially challenging, and this study identifies some firms that clearly did a better job than others in meeting those challenges." Following are some key findings of the 2021 study:
Among employee advisors, Edward Jones ranks highest in overall satisfaction with a score of 890. Raymond James & Associates (864) ranks second and Stifel (857) ranks third. Among independent advisors, Commonwealth ranks highest in overall satisfaction with a score of 936. Raymond James Financial Services (853) ranks second and Cambridge (842) ranks third. The U.S. Financial Advisor Satisfaction Study measures satisfaction among both employee advisors (those who are employed by an investment services firm) and independent advisors (those who are affiliated with a broker-dealer but operate independently) based on six key factors (in alphabetical order): compensation; leadership and culture; operational support; products and marketing; professional development; and technology. The study is based on responses from 3,029 employee and independent financial advisors and was fielded from January through April 2021. For more information about the U.S. Financial Advisor Satisfaction Study, visit https://www.jdpower.com/business/resource/us-financial-advisor-satisfaction-study. To view the online press release, please visit http://www.jdpower.com/pr-id/2021072. About J.D. Power J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found at JDPower.com. About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info
1 Merrill, Morgan Stanley, UBS and Wells Fargo (News - Alert) Advisors
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