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Full-Service Wealth Management Firms Reached Record Levels of Customer Satisfaction Prior to Market Upheaval, J.D. Power FindsFull-service wealth management firms are entering the coronavirus-fueled market rout from a position of strength when it comes to their existing client relationships. According to the J.D. Power 2020 U.S. Full-Service Investor Satisfaction Study,SM released today, investor satisfaction with full-service firms has reached an all-time high, moving upward in lockstep with the performance of the S&P 500 Index during the past year. However, periods of extreme market volatility-like that of the past several weeks-have historically been a drag on investor satisfaction. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200326005004/en/ J.D. Power 2020 U.S. Full-Service Investor Satisfaction Study (Graphic: Business Wire) "Wealth managers are seeing increasing client satisfaction scores, but they've also been helped by a strong stock market," said Mike Foy, senior director of wealth intelligence at J.D. Power. "Obviously, the market performance side of the equation has changed significantly due to coronavirus. Our research shows that brands that have developed high-trust relationships with clients will not only be able to retain higher loyalty through more difficult times but will also be significantly less likely to see clients decrease investment as a result of disappointing performance." Following are some of the key findings of the 2020 study:
Study Rankings RBC (873) ranks highest in overall investor satisfaction, followed by Fidelity (865) and Edward Jones (860). The U.S. Full-Service Investor Satisfaction Study, now in its 18th year, measures overall investor satisfaction with full-service investment firms in eight factors (in order of importance): financial advisor; account information; investment performance; firm interaction; product offerings; commission and fees; information resources; and problem resolution. The study is based on responses from 4,532 investors who make some or all of their investment decisions with a financial advisor. The study was fielded from November 2019 through January 2020. For more information about the U.S. Full-Service Investor Satisfaction Study, visit https://www.jdpower.com/business/resource/us-full-service-investor-satisfaction-study. To view the online press release, please visit http://www.jdpower.com/pr-id/2020028. J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power has offices serving North America, Asia Pacific and Europe. View source version on businesswire.com: https://www.businesswire.com/news/home/20200326005004/en/ |