Top financial advice firms ranked by investor satisfaction in 2024: J.D. Power
Investors were happier with their financial advisors last year, according to J.D. Power's 2024 U.S. Full-Service Investor Satisfaction Study.
The survey, now in its 22nd year, showed that on average, investors’ satisfaction with their advisors rose to 735, up from 727 in the 2023 survey.
J.D. Power described that improvement as “significant” in a statement, while also noting that investors’ satisfaction with their advisors tends to correlate with the stock market’s performance. The S&P 500 rose 26.2 percent last year.
While overall satisfaction rose, J.D. Power warned that more affluent millennials might prove less loyal to their advisors than older clients. According to the survey, more than a third (36 percent) of millennials with more than $1 million in assets say they’re likely to switch firms in the next year. J.D. Power notes that millennials are much more likely than older clients to have a secondary investment firm.
The report also cited the increasing importance of technology in client relationships, with the vast majority (86 percent) of clients having logged into their advisory firm’s website in the past year, while 60 percent had logged into the mobile app.
The rankings are based on a survey of 9,951 investors who work with advisors, conducted from January 2023 through January 2024, that asked about seven factors: trust, people, products and services, value for fees, ability to manage wealth, problem resolution and digital channels.
Click through to see the financial advice firms that ranked highest in this year’s survey.