According to a new customer satisfaction survey, Fidelity Investments rated high among financial advisors, while Charles Schwab stumbled with online offerings.
The American Customer Satisfaction Index (ACSI) found Vanguard topped online investment customer satisfaction, yet Schwab fell 4% from its previous rating to land just below Edward Jones. Robinhood unsurprisingly ranked at the bottom of the category in its first year of measurement.
“Among advisors, Fidelity took sole possession of the industry’s number-one spot, climbing 3%.”
Among advisors, Fidelity took sole possession of the industry’s number-one spot, climbing 3%. LPL Financial inched up 1% in its category, yet nonetheless rated last.
Overall, Americans’ dissatisfaction with most financial services has halted, according to the Index.
Satisfaction with banks was stable, and, following a “dramatic downturn” last year, customer satisfaction with the online investment category was steady as well, while financial advisors rebounded slightly, up 1.3%.
“Financial services took a hit in the eyes of consumers last year but managed to weather the storm for the most part,” David VanAmburg, Managing Director at the ACSI, said in a statement. “Banks, in particular, are better positioned than most because of the industry’s years of commitment to—and investment in—digital offerings. Whether paying bills, transferring money, or checking your balances, banking has established itself as a super digital-focused enterprise that’s managed to successfully cater to a digitally engaged consumer base.”
Banking scores
Chase and Citibank remained tied for first place among national banks. Bank of America inched up 1%, while Wells Fargo dipped 1%, marking its fifth straight year in last place.
Capital One led super-regional banks, climbing 1% among customers. PNC Bank and TD Bank were next in line.
Near the bottom of the category, Citizens Bank fell 1%, and Fifth Third Bank rose 1%. KeyBank sat in last place despite a 1%.
The ACSI Finance Study 2020-2021 is based on interviews with 15,120 customers, chosen at random and contacted via email between October 5, 2020, and September 30, 2021.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.