For the second year in a row, Edward Jones came out on top of other large financial services firms for customer satisfaction in a survey by the Hearts & Wallets research firm.
According to the survey of 5,000 people, Edward Jones beat out other large firms on how it explains investing details to customers and knowing the customer, Hearts & Wallets said in its 8th annual customer satisfaction survey, “Wants & Pricing: Helping Customers Purchase What They Want in Saving and Investing.”
The survey focused on the top 23 mutual fund firms, brokerages and big banks. Customers were asked to rate the firms they use on a number of attributes. Customers also were asked what they want most from a financial firm. Fifty-six percent said they want their firms to explain investing in understandable terms and make their fees understandable.
According to the customers, Edward Jones, USAA and Ameriprise are at the top for explaining things in understandable terms. The same three came out on top for “understands me and shares my values.” Edward Jones was first for “has made me money.”
The same three plus Morgan Stanley were voted best for having a well-trained staff.
In the category of online tools and research, TD Ameritrade and PNC came out on top.
A different mix, Edward Jones, Amerprise, Morgan Stanley and Wells Fargo Advisors, was rated highest for “offers personal financial advice.”
Scottrade stands alone in the category “fees are clear and understandable.”