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Brokerage Research
Digging into the Customer Experience: Brokerage, Online and Off
Brokerage is Corporate Insight’s original areas of expertise, dating back to the introduction of Broker Monitor and e-Monitor in the 1990s. Our value-added brokerage and online services research digs deeply to identify and assess specific aspects of the customer experience.
| Statement Analysis |
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In this Broker Monitor Report, we present our annual statement analysis. We used a combination of retail and sample statements to gain broad knowledge of brokerage industry statements, and then used our proprietary Benchmarking Audit software in order to rank each statement in a number of categories, including design and content. In this Broker Monitor Report, we present our annual statement analysis. We provide reviews of each statement and rank them in different areas of design and content using our proprietary Benchmarking Audit. We examined the design of each statement, grading its presentation, navigation and flexibility. We reviewed the content included in statements, such as the broker and firm information, gain/loss reporting and activity. We also noted whether firms provide e-Delivery. In order to conduct the report, we reached out to our industry contacts to obtain sample statements to broaden the scope of our review. We were able to view certain client-specific features not necessarily present on our retail account statements. Since Broker Monitor firms represent a broad cross-section of the entire industry, we group firms into one of three classifications – full-service, self-directed or hybrid. Hybrid firms are the ones that combine elements of the full-service model with an advanced website and self-directed trading. Within this framework, full service firms ranked the highest as a group in our statement analysis. Hybrid firms were next as a group, and included some firms that lacked certain features such as unrealized gain/loss and lot-level details. Self-directed firms were the lowest scoring group and generally offer minimal account information and details. Additional Key Findings:
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