Here is how the top three spots were scored. Schwab scored a 796 out of a possible 1,000 and was given high marks for its account interaction and its Web site, in particular. Vanguard scored a 788 and Scottrade came in third with a score of 780.
David Lo, the Director of Investment Services at J.D. Power, tells the Broker News blog that price and trade execution are not the most decisive factors anymore. In fact for a long time Scottrade has been a leader in low price stock trading. Lo says what interested the most of the 5,000 investors, surveyed this year, are the tools and superior interaction experiences.
The survey measures the following metrics to understand the investor satisfaction. It measures interaction, account information, trading charges and fees, account offerings, information resources and problem resolution.
As one can see it all comes to tools and ability to do more to make informed investing decisions.
“There’s a great deal of distrust among consumers as a result of the financial collapse, so they’re seeking transparency from their firms more than ever before,” said Lo. “As firms across the financial services industry impose fees as a means to drive revenue, it’s absolutely critical to be upfront and clearly communicate these fees to lessen the negative impact on satisfaction. In turn, higher levels of satisfaction can lead to improved loyalty and advocacy rates.”
However, n spite of the current financial crisis, trading activity among self-directed investors has increased.
Written by Armen Hareyan
JDPower.com
Posted October 6th, 2009 by Armen Hareyan
