Best Full-Service Wealth Management Firms, Ranked by Investors: J.D. Power, 2022 by Michael S. Fischer - ThinkAdvisor
Some good news and some bad news can be found in J.D. Power’s 2022 U.S. Full-Service Investor Satisfaction Study, released Thursday.
The full-service wealth management industry has significantly improved in investor satisfaction with digital offerings and engagement in digital channels after several years of focus on technology investments, according to the study.
The industry continues to seriously lag, however, on delivering comprehensive advice based on a deep understanding of individual clients’ needs.
Only 14% of investors evaluated in the study said they receive such advice from their primary financial advisor, which J.D. Power says includes making recommendations in a client’s best interest, understanding clients’ goals and needs and generating a documented financial plan.
“Firms have rightly increased their investment in client-facing technology in recent years, and we see that beginning to pay off in terms of higher engagement and satisfaction with digital channels,” Mike Foy, senior director of wealth intelligence at J.D. Power, said in a statement.
