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:
2024
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Companies:
8 major financial advisors, plus aggregate of independent advisors and smaller advisory firms
Financial Advisors
| Anchor Link | Company | 2022 | 2024 | % Change |
|---|---|---|---|---|
| Financial Advisors | 79 | 80 | 1% | |
| All Others | 79 | 83 | 5% | |
| #charles-schwab | Charles Schwab | 80 | 82 | 3% |
| #ubs | UBS | 76 | 82 | 8% |
| #morgan-stanley | Morgan Stanley | 79 | 80 | 1% |
| #wells-fargo | Wells Fargo | 80 | 80 | 0% |
| #fidelity | Fidelity | 81 | 79 | -2% |
| #independent-advisors | Independent RIAs | 77 | 78 | 1% |
| #merrill-bank-of-america | Merrill (Bank of America) | 78 | 77 | -1% |
| #lpl-financial | LPL Financial | 74 | 74 | 0% |
* 2023 results not available due to industry release moving from fourth to first quarter
Financial Advisors
| Benchmarks | 2022 | 2024 |
|---|---|---|
| Ease of opening account | 81 | 84 |
| Quality of mobile app | 84 | 84 |
| Reliability of mobile app (minimal down time, crashes, lags) | 84 | 84 |
| Website satisfaction | 84 | 84 |
| Call center satisfaction | 81 | 82 |
| Overall trust and confidence | 80 | 82 |
| Providing mobile options for account management | 79 | 82 |
| Clearly explaining investment plan, goals, and strategy | 79 | 81 |
| Clearly explaining prices and fees | 78 | 81 |
| Competitiveness of prices and fees | 79 | 80 |
| Overall investment performance | 79 | 80 |
| Providing prospectuses and similar investment information | 78 | 80 |
| Frequency of routine contact (mail, email) | 78 | 79 |
| Frequency of personal contact (phone calls, face-to-face meetings) | 76 | 77 |
* 2023 results not available due to industry release moving from fourth to first quarter
Industry averages are weighted by companies’ market shares.
2024 results based on data collected October 2022 – December 2023