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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

  • Inaugural year:

    2017

  • Updated:

    annually

  • Most recent data:

    2021

  • Companies:

    8 major financial advisors, plus aggregate of independent advisors and smaller advisory firms

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%

Financial Advisor Benchmarks

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.

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Connect With ACSI

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