Vanguard earned the top ranking for do-it-yourself (DIY) investor satisfaction while Raymond James earned the highest ranking among those working with a dedicated financial advisor or team of advisors, and was recognized as the most trusted company among advised investors in wealth management according to the J.D. Power 2025 U.S. Investor Satisfaction Study, released today.
The U.S. Investor Satisfaction Study is a combination of the former J.D. Power U.S. Full-Service Investor Satisfaction Study and J.D. Power U.S. Self-Directed Investor Satisfaction Study. The redesigned study evaluates the experiences of investors working with a wealth management firm, in either an advised or DIY capacity in seven dimensions (in alphabetical order): digital channels; ease of doing business; people; product and service offerings; resolving problems or complaints; trust; and value for fees paid. The 2025 study is based on responses from 7,876 advised and 3,723 DIY investors and was fielded from January through December 2024.
DIY Rankings
A score of 704 based on a 1,000-point scale put Vanguard highest in overall satisfaction among DIY investors by a single point, as Fidelity had a score of 703 to rank second. T. Rowe Price (691) ranked third, while the segment average was 676.
“This acknowledgement from J.D. Power speaks to Vanguard’s continued investment in our client experience and is grounded in our mission to take a stand for all investors, to treat them fairly, and to give them the best chance for investment success,” said Matt Benchener, Managing Director of Vanguard’s Personal Investor business. “This award is humbling, and our work is far from over—we will continue to leverage our investors’ feedback to deliver an easy, purpose-driven, and personalized client experience.”
Along with securing the top placement for DIY Investor Satisfaction, Vanguard also ranked No. 1 in three key categories: brand trust, products and service offerings meeting investors’ needs, and value for fees paid.
Last year, TD Ameritrade had the top ranking in this segment with a score of 722, topping Charles Schwab and Vanguard at 717 each. This year, Charles Schwab, which has now fully integrated TD Ameritrade, fell to seventh place with a score of 661. It should be noted the 2025 study was redesigned.
Advised investor rankings
Raymond James ranks highest in overall satisfaction among advised investors, with a score of 748 (on a 1000-point scale). U.S. Bank (738) ranks second and Edward Jones (734) ranks third. The segment average was 714.
“Putting clients first has been the cornerstone of Raymond James’ values since our inception, and that commitment remains at the center of everything we do,” said Raymond James CEO Paul Shoukry. “This prestigious honor demonstrates the strength of our client-centric culture and our steadfast dedication to supporting advisors and empowering them with sophisticated resources, support and technology.”
Private Client Group President Tash Elwyn said the recognition is a testament to the values and service-minded approach that Raymond James affiliated financial advisors embody. “We are particularly proud to be recognized as the most trusted company in wealth management among advised investors, as it reflects the confidence clients have in their advisors’ understanding of their needs, as well as their expertise and ability to execute plans,” Elwyn said.
Younger DIY investors seeking human financial advice
From robo advice and gamified investing apps to artificial intelligence (AI), J.D. Power noted in its release about the new study that each new fintech innovation has ushered in a frenzy of predictions about the declining relevance of human financial advisors.
“Many younger investors who would traditionally have fallen into the DIY category are actively looking to work with human advisors.”
Kapil Vora, J.D. Power
However, according to the 2025 U.S. Investor Satisfaction Study, younger, value-conscious do-it-yourself investors who were supposed to drive the transformation of the industry are actively seeking the guidance of live professional advisors in an increasingly uncertain economy.
“For younger generations of investors who’ve been exposed to digital, human and hybrid forms of investment advice during the past several years, the decision to lean into DIY or advised channels is rarely ever an either/or scenario,” said Kapil Vora, senior director of wealth intelligence at J.D. Power. “Increasingly, investors are using several approaches, and many younger investors who would traditionally have fallen into the DIY category are actively looking to work with human advisors. However, it is no longer enough to have a brand legacy or an array of products and services; a company must deliver value and make the experience easy for investors.”
Following are some key findings from the redesigned 2025 study:
- Younger DIY investors seek advisors: More than one-fourth (27%) of current DIY investors say they are likely to use a financial advisor in the next 12 months. The percentage of DIY investors seeking advisory relationships is highest among members of Gen Y and Gen Z (37%), and lowest among those in the Gen X, Boomer and Pre-Boomer generations (21%). “We anticipate these percentages would be even higher across all generations since the close of fielding for this study, given the economic shifts of the past several weeks,” Vora said.
- Simplicity and enjoyment are top reasons for keeping DIY accounts: Among investors with DIY investment accounts, the primary reasons for maintaining those accounts are that their finances and investments are simple enough to manage on their own (41%) and that they enjoy managing their own investments/finances (41%).
- Traditional wealth management firms missing out on attracting younger investors: While interest in advisory services is high among younger investors, traditional wealth management firms are disproportionately skewed toward older investors. The percentage of investors younger than age 40 is just 11% at traditional wealth management firms vs. 20% at retirement/discount brokerage firms; 26% at banks; and 42% at fintech firms.
- Ease of doing business is critical: When it comes to the individual dimensions that drive investor satisfaction with wealth management firms, ease of doing business is one of the most critical criteria and ranks just below trust; products and services; and people as the foundation for a positive investor experience.
Check out the complete J.D. Power 2025 U.S. Investor Satisfaction Study here.
SEE ALSO:
• J.P. Morgan Wealth Management Tops J.D. Power’s Digital Experience Rankings
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
