Overall Satisfaction with Self-Directed Investment Firms Decreases, as Communication with Investors Remains a Challenge
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Scottrade Ranks Highest in Self-Directed Investor Satisfaction
- Self-directed investor satisfaction declines to 752 in 2013 from 768 in 2012.
- Scottrade ranks highest in investor satisfaction with a score of 810.
- Combining the desired frequency of contact with the preferred method of contact--e.g., email, phone or mail¬--has a positive impact on investor satisfaction.
The study, now in its 12th year, measures investors' satisfaction with their investment firm based on performance in six factors (in order of importance): interaction; account information; trading charges and fees; account offerings; information resources; and problem resolution. Overall satisfaction in 2013 averages 752 (on a 1,000-point scale), down from 768 in 2012.
- The percentage of investors who say they "completely" understand their fee structure has dropped to 35 percent in 2013 from 39 percent in 2012.
- The proportion of investment firms that have contacted investors two or more times in the past 12 months--the minimum standard--regarding products, services or educational seminars has declined to 34 percent from 39 percent, which impacts multiple aspects of a firm's relationship with its investors.
- The incidence of investor awareness/use of at least one financial planning tool has declined to 28 percent from 31 percent.
- Leverage the tools and resources, such as educational seminars, available from your investment firm to help you research, analyze and invest more prudently.
- Make sure your investment firm knows your preferred method of contact--e.g., email, phone, or mail--so you will receive all communications in a timely manner.
- Consider increasing the interaction with your investment firm's local branch, which is an excellent resource for investment guidance.
About J.D. Power
J.D. Power is a global marketing information services company providing performance improvement, social media and customer satisfaction insights and solutions. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. Headquartered in Westlake Village, Calif., J.D. Power has offices in North America, Europe and Asia Pacific. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power is a business unit of McGraw-Hill Financial.
About McGraw Hill Financial
McGraw Hill Financial (NYSE: MHFI), a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power, McGraw Hill Construction and Aviation Week. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.
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