Edward Jones came out on top of other large financial services firms for customer satisfaction in a survey by the Hearts & Wallets research firm.
Hearts & Wallets asked more than 5,000 people to rank the top one or two firms they use on 27 attributes in six financial service areas. The study focused on the top 24 big banks, brokerages and mutual fund firms most often cited by participants.
The categories included such things as having clear and understandable fees, being unbiased, explaining things in understandable terms, having well trained staff, making money for the investor, being knowledgeable and offering personal advice as well as online tools.
Edward Jones was at or near the top in 10 of the categories, while Wells Fargo, Scottrade and USAA were top performers in five or more categories, according to the firm.
The survey also explored investors’ knowledge of their finances and found that many did not know they are charged fees for their financial services and products. Others didn't know the amount of fees they are paying.
Thirty-one percent said they don’t know what they pay for their financial products, an increase of 4 percentage points from a year earlier. Only 28 percent were sure they are charged fees by the retail firm or defined contribution provider where they receive financial services.
That left 41 percent who said they pay their advisors or retirement plan provider nothing.