Amid tech push, wealth management industry is losing focus on comprehensive advice, finds JD Power | national company

TROY, Mich.–(BUSINESS WIRE)–April 14, 2022–

After several years of increasing focus on technology investments, the full-service wealth management industry is dramatically improving investor satisfaction with digital offerings and engagement with digital channels. However, according to the JD Power 2022 US Full-Service Investor Satisfaction Study,℠ released today, the industry continues to make little or no progress on its core value proposition: providing comprehensive advice based on a deep understanding of individual customers. Only 14% of investors assessed in the study receive the level of comprehensive advice from their primary financial advisor as defined by JD Power’s criteria, which includes making recommendations in the best interest of the client; understand their goals and needs; and have a documented financial plan.

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2022 US Full-Service Investor Satisfaction Study (Graph: Business Wire)

“Companies have rightly increased their investment in customer-facing technology in recent years, and we’re seeing that start to pay off in terms of increased engagement and satisfaction with digital channels,” said Mike Foy, Senior Director of Wealth Intelligence at JD Power. “However, we are not seeing similar progress in providing comprehensive advice. Very few investors, even those with high net worth, get an optimal level of value from their advisors. However, advisors who don’t consistently provide comprehensive advice may not be experiencing high attrition, in part because many clients simply don’t know what comprehensive advice looks like. But advisors who provide it receive many more referrals and are in a much better position to continue to develop their practices. »

Here are some key findings from the 2022 study:

  • Low investor expectations: Although 51% of full-service investors strongly agree that their advisor provides them with comprehensive advice that meets all of their wealth management needs, only 26% of this group have a level comprehensive advice as defined by JD Power criteria.
  • Assessing the effect of comprehensive counselling: Among the minority of full-service investors who receive comprehensive advice from their advisors, 76% say they will “definitely not change” their investment firm in the next year. Within the same group, the Net Promoter Score® 1, which measures customer advocacy and predicts business growth, is 93.
  • Digital engagement improves: Investor satisfaction with digital channels shows the largest year-over-year improvement of any factor in the study, increasing by 26 points (on a 1,000-point scale). Nearly two-thirds (63%) of clients use their wealth management company’s website at least once a month and 40% use the mobile app monthly.
  • Mixing digital and human interactions is optimal for young and old: Among all age groups, satisfaction is highest when investors experience a mix of live human and digital interactions. Boomers 2 show a clear preference for live person-led advice and planning, while Millennials prefer digital channels overall, but show higher overall engagement and satisfaction when live channels and digital are used.

Ranking of studies

UBS ranks first for overall investor satisfaction with a score of 777. Avant-garde (759) ranks second, while Charles Schwab (753) and North West Mutual (753) ranks third in a tie.

The US Full-Service Investor Satisfaction Study, now in its 20th year, measures overall investor satisfaction with full-service investment firms based on seven factors (in order of importance): trust ; people; products and services; fee value; ability to manage my assets as and when I want; problem resolution; and digital channels.

The study is based on responses from 4,396 investors who work directly with a dedicated financial advisor or team of advisors. The study was conducted from November 2021 to January 2022.

For more information on the full-service US Investor Satisfaction Study, visit

See the press release online at

About JD Power

J.D. Power is a global leader in consumer insights, advisory services, data and analytics. A pioneer in using big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been providing incisive industry insights into customer interactions with brands and brands for more than 50 years. products. The world’s leading companies in key industries trust JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia-Pacific. To learn more about the company’s commercial offerings, visit The JD Power Automotive Buying Tool is available at

About JD Power and Advertising/Promotional

1 Net Promoter,® Net Promoter System,® Net Promoter Score,® NPS,® and NPS-related emoticons are trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

2 JD Power defines generational groups as pre-boomers (born before 1946); Boomers (1946-1964); Generation X (1965-1976); Generation Y (1977-1994); and Generation Z (1995-2004). Generation Y (1982-1994) is a subset of Generation Y.

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CONTACT: Media Relations Contacts

Geno Effler, JD Power; Western coast; 714-621-6224;[email protected]

John Roderick; East Coast; 631-584-2200;[email protected]




Copyright BusinessWire 2022.

PUBLISHED: 04/14/2022 08:00 AM/DISC: 04/14/2022 08:02 AM

Copyright BusinessWire 2022.

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