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:
2022
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Companies:
8 major financial advisors, plus aggregate of independent advisors and smaller advisory firms
Satisfaction Benchmarks by Company
Financial Advisors
| Company | 2021 | 2022 | % Change |
|---|---|---|---|
| Financial Advisors | 78 | 79 | 1% |
| Fidelity | 81 | 81 | 0% |
| Charles Schwab | 80 | 80 | 0% |
| Wells Fargo | 79 | 80 | 1% |
| All Others | 77 | 79 | 3% |
| Morgan Stanley | 78 | 79 | 1% |
| Merrill (Bank of America) | 78 | 78 | 0% |
| Independent Advisors | 76 | 77 | 1% |
| Raymond James | 76 | 77 | 1% |
| UBS | 77 | 76 | -1% |
| LPL Financial | 75 | 74 | -1% |
Financial Advisor Benchmarks
Customer Experience Benchmarks Year-Over-Year Industry Trends
| Benchmarks | 2021 | 2022 |
|---|---|---|
| Quality of mobile app | 81 | 84 |
| Reliability of mobile app (minimal down time, crashes, lags) | 81 | 84 |
| Website satisfaction | 81 | 84 |
| Call center satisfaction | 79 | 81 |
| Ease of opening account | 80 | 81 |
| Overall trust and confidence | 78 | 80 |
| Clearly explaining investment plan, goals, and strategy | 77 | 79 |
| Competitiveness of prices and fees | 77 | 79 |
| Overall investment performance | 78 | 79 |
| Providing mobile options for account management | 77 | 79 |
| Clearly explaining prices and fees | 77 | 78 |
| Frequency of routine contact (mail, email) | 78 | 78 |
| Providing prospectuses and similar investment information | 77 | 78 |
| Frequency of personal contact (phone calls, face-to-face meetings) | 76 | 76 |
Industry averages are weighted by companies’ market shares.