How satisfied are investors? A report from J.D. Power has some answers.
The J.D. Power 2024 U.S. Self-Directed Investor Satisfaction Study is based on responses from more than 9,800 investors who make their investment decisions without a dedicated financial advisor. Among these respondents, some are DIY investors, meaning they don’t interact with an advisor at all. Others fall into the “seeking guidance” category. These investors don’t have a dedicated advisor but do have access to a registered investment professional.
The study found that DIY investors aren’t as satisfied as you’d expect given the “strong surge in stock market growth.” Their levels of satisfaction in 2024 are essentially flat when compared with 2023 and 2021. Meanwhile, satisfaction among the “seeking guidance” investors improved by 15 points in 2024.
Let’s see which brokerages these two types of investors were most, and least, satisfied with.
The best brokerages, according to DIY investors
The average customer satisfaction rating for DIY investors was 708 out of 1,000 points. Acorns and Fidelity tied with that average, while three others managed to surpass it:
- TD Ameritrade: 722 out of 1,000
- Vanguard: 717
- Charles Schwab: 717
How DIY investors rate other brokerages
While some brokerages outperformed — others fell below the average for DIY Investors:
- Robinhood: 705 out of 1,000
- E*TRADE: 701
- Stash: 701
- J.P. Morgan Self Directed Investing: 689
- WellsTrade: 686
- T. Rowe Price: 682
- Merrill Edge: 665
The best brokerages, according to investors seeking guidance
The level of satisfaction felt by investors seeking guidance did improve in 2024. Still, at 700, the average for that group is currently lower than DIY investors.
The brokerages that scored above average for these investors are:
- Fidelity: 708 out of 1,000
- Charles Schwab: 707
- TD Ameritrade: 702
- Vanguard: 702
How investors seeking guidance rate other brokerages
Investors seeking guidance ranked these brokerages below the average of 700 out of 1,000:
- E*TRADE: 694 out of 1,000
- Citigroup: 689
- J.P. Morgan Wealth Management: 687
- T. Rowe Price: 685
- Merrill Edge: 671
- Wells Fargo Advisor Solutions: 666
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