Financial Advisors
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FINANCIAL ADVISORS
The financial advisory industry has seen significant growth in recent years and is forecasted to grow at even higher rates in the future. This massive surge can be attributed to the changing economic landscape and calls for a better understanding of the key drivers and opportunities for improving client satisfaction.
At a glance:
Financial Advisors
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Inaugural year:
2017
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Updated:
annually
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Most recent data:
2021
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Companies:
8 major financial advisors, plus aggregate of independent advisors and smaller advisory firms
Benchmarks by Industry
Customer Experience Benchmarks Year-Over-Year Industry Trends
| Benchmarks | 2020 | 2021 |
|---|---|---|
| Quality of mobile app | 81 | 81 |
| Reliability of mobile app (minimal down time, crashes, lags) | 81 | 81 |
| Website satisfaction | 80 | 81 |
| Ease of opening account | 80 | 80 |
| Call center satisfaction | 79 | 79 |
| Frequency of routine contact (mail, email) | 77 | 78 |
| Overall investment performance | 78 | 78 |
| Overall trust and confidence | 78 | 78 |
| Clearly explaining investment plan, goals, and strategy | 77 | 77 |
| Clearly explaining prices and fees | 76 | 77 |
| Competitiveness of prices and fees | 76 | 77 |
| Providing mobile options for account management | 76 | 77 |
| Providing prospectuses and similar investment information | 77 | 77 |
| Frequency of personal contact (phone calls, face-to-face meetings) | 75 | 76 |
*Industry averages are weighted by companies’ market shares.
Satisfaction Benchmarks by Company
Financial Advisors
| Company | 2020 | 2021 | % Change |
|---|---|---|---|
| Financial Advisors | 77 | 78 | 1.3% |
| Fidelity | 79 | 81 | 3% |
| Charles Schwab | 79 | 80 | 1% |
| Wells Fargo | 78 | 79 | 1% |
| Merrill (Bank of America) | 77 | 78 | 1% |
| Morgan Stanley | 77 | 78 | 1% |
| All Others | 79 | 77 | -3% |
| UBS | 76 | 77 | 1% |
| Independent Advisors | 75 | 76 | 1% |
| Raymond James | 76 | 76 | 0% |
| LPL Financial | 74 | 75 | 1% |