J.D. Power and Associates says that Edward Jones has narrowly edged out Raymond James Financial, giving it the highest overall customer-satisfaction score in the 2006 Full-Service Investors Satisfaction Study. Now in its fourth year, the study polled more than 5,000 investors about portfolio competitiveness, advisor/broker, account set-up and offerings, commissions and fees, customer-service reps, convenience and account statements.
This is the second consecutive year that Edward Jones has earned the highest score. (See “Keeping Up with Edward Jones,” page 36.)
As for rivals, Raymond James receives especially strong marks for its advisors, according to J.D. Power. Ranking third is A.G. Edwards.
Overall, customer loyalty pays, the study shows: Investors who are highly committed to a full-service firm generate 12 times more new investment dollars per year — or an average of $900,000 of new AUM annually — than investors with lower commitments. Highly committed clients also are 33 times less likely to leave an investment firm than low-committed clients.