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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:

    2022

  • 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.

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