Scottrade took top honors for the second year in a row in J.D. Power’s “2014 U.S. Self-Directed Investor Satisfaction Study,” released today.

On a 1,000-point scale, Scottrade scored 813, followed by Vanguard with a score of 805 and Charles Schwab with 797. TD Ameritrade and E*Trade followed at 794 and 786, respectively.

Overall satisfaction in 2014 averaged 763, up from 752 in 2013.

The study found that self-directed investors are looking for tools and education from online investment firms but also want to interact with personnel when they have questions or need guidance. Young investors, age 35 years and younger, placed a premium on access to relevant insights and advice and also judged trading platforms on how well they helped investors make decisions to reach their financial goals, says J.D. Powers.

According to the study, when an investor is aware of and uses a firm’s financial planning tools, satisfaction improves by an average of 80 points. The use of tracking or monitoring tools improves satisfaction by 96 points.

When the investors use online tools, the amount they plan to invest with the firm in the next 12 months also increases, by as much as 16 percentage points, says J.D. Powers.

While the company’s Web site is the main source of most investment activities for 85 percent of investors, 61 percent of those with questions still prefer to speak with a representative on the phone.

The study found that the current self-directed pricing model is causing investors to question the transparency of charges and fees. Nearly two-thirds (63 percent) of self-directed investors indicated they do not completely understand their firm’s fee structure, and 74 percent of this group made fewer than five trades in the past year.

Those who do not understand their firms’ fee structure at all had a satisfaction score averaging a lot less, 681, compared with 831 among those who completely understand the fee structure.

“We’re seeing a tremendous shift in the industry where price alone is not enough to satisfy self-directed investors, especially young investors, who are important for the long-term future of the business and who are begging for a change,” said Craig Martin, director of the wealth management practice at J.D. Power.

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