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Survey: Edward Jones and RJ tops in service

By Andrew Coen

September 30, 2008 12:52 pm ET

Edward D. Jones & Co. LP and Raymond James & Associates Inc. are tied as the best when it comes providing service to employee advisers (those who are employed by their investment services firm) and independent advisers (those who are affiliated with a broker-dealer but operate independently), according to a new study.

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St. Louis-based Edward Jones and St. Petersburg, Fla.-based Raymond James each received scores of 879 on a 1,000-point scale in the J.D Power & Associates 2008 Financial Advisor Satisfaction Study, released today.

The second annual study from Westlake Village, Calif.-based J.D Power & Associates examined key drivers of employee adviser satisfaction, such as internal operational support, work environment, firm performance, compensation and product offerings.

Edward Jones was cited as performing particularly well in providing a “satisfying work environment and supporting its advisers,” while Raymond James was noted for showing solid performance in “job duties, products and offerings, compensation and firm performance factors.”

New York-based Merrill Lynch & Co. Inc. finished a distant third place with a 697 index score, followed by St. Louis-based Wachovia Securities LLC (627), New York-based Citigroup Inc. (624) and New York-based UBS Financial Services Inc. (598).

The study was based on online responses in May and June from 3,124 financial advisers registered with the Financial Industry Regulatory Authority Inc. of Washington.

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