To better understand how individual investors interact with their brokerage firms and the factors that drive satisfaction, Corporate Insight surveyed 1,530 retail investors in November 2017. Interviews were conducted online with a nationally representative sample of investors drawn from Research Now’s consumer panel. All respondents indicated they have a brokerage account that they accessed online at least once in the past month. The survey gathered perspectives on such key areas of interest as website and mobile platform usage and feature importance, as well as satisfaction with a variety of different aspects of the investor-firm relationship, including financial advisors, fees, performance, security, websites and mobile apps.
Overall, our survey found that investor satisfaction is high. Ninety percent (90%) of the investors we surveyed indicated they are “satisfied” or “very satisfied” with their brokerage firm, with only 1% indicating that they were “dissatisfied” or “very dissatisfied.” Ninety-one percent (91%) of investors who use their brokerage firm’s mobile app said that they were “satisfied” or “very satisfied” with the app, while 86% feel similarly about their firm’s website. Eighty-eight percent of investors who work with a financial advisor expressed satisfaction with that relationship. In terms of investor confidence, 82% of respondents said they are confident they will meet all of their financial goals. If there is one area where satisfaction could clearly improve it would be pricing, as just 57% of investors claim that they were “satisfied” or “very satisfied” with their firm’s fees and commissions.
This report provides further analysis of these top-line findings, examining the impact of such demographic factors as age, gender and assets. We also offer recommendations for brokerage firms to increase client satisfaction, such as simplifying the online experience, adopting a mobile-first mindset and educating clients about security features.
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