Best & Worst Wealth Firms for Mobile Apps: J.D. Power, 2019

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(Related: Best & Worst BDs for Advisors: J.D. Power — 2019)

It looks like wealth-management firms have their work cut out for them when it comes to improving their mobile applications for both full-service and do-it-yourself investors, as they find themselves behind other financial-services companies, according to J.D. Power’s 2019 U.S. Wealth Management Mobile App Satisfaction Study.

The average overall customer satisfaction score for wealth management mobile apps is 846 (on a 1,000-point scale). That trails overall satisfaction with credit card apps (872) and retail banking apps (853).

The study reviewed client satisfaction with wealth-management mobile apps based on five factors:

1. Range of services;
2. Clarity of information;
3. Ease of navigating app;
4. Appearance; and
5. Speed of screens loading.

The latest results are based on responses from 2,892 clients of full-service and self-directed wealth management firms, collected in July and August 2019.

The study finds that clients believe security, simplicity and personalization are critical to their wealth-management apps but these features are inconsistent today. Overall satisfaction jumps 43 points, though, when clients feel their personal information on an app is very secure. 

(Related: Best & Worst BDs for Advisors: J.D. Power — 2019)

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