Winners & Losers in the Annual Broker Report CardDec 3, 2013
WealthManagement.com’s 23rd annual Broker Report Card, our annual survey that lets advisors from the six major national brokerages rate their employers on a number of factors, shows that advisors were, overall, feeling better about where they work. The average approval rating of 8.1, on a scale of one (lowest) to 10 (highest), almost reaches pre-crisis levels.
While most firms in the survey continue a trend of low marks on compliance and technology integration issues, this year marks a turnaround in how advisors feel about their firm’s public perception and internal morale.
For the second year in a row, Edward Jones received the highest overall score from its advisors, followed closely by Raymond James. UBS and Wells Fargo tied in ranking the highest among the traditional wirehouses, while Morgan Stanley posted the lowest score, as it has for the past four years, though it too showed marked improvement from previous years.
View the cover story, Out From Under
How This Survey Was Conducted:
Between Oct. 7 and Nov. 7, 2013, REP. magazine emailed invitations to participate in an online survey to print subscribers and advisors in the Meridian-IQ database at the following firms: Edward Jones, Merrill Lynch, Morgan Stanley, Raymond James & Associates, UBS and Wells Fargo Advisors. By Nov. 7, a total of 2,333 completed responses were received (Edward Jones: 238, Raymond James: 411, Merrill Lynch: 66, Morgan Stanley: 123, UBS: 121, and Wells Fargo: 1,374).
Brokers rated their current employers on 30 items related to their satisfaction. Ratings are based on a 1-to-10 scale, with 10 representing the highest satisfaction level. They were also asked additional questions about their firms, and respondents were given space to post their own opinions.