(I Can't Get No) Satisfaction(I Can't Get No) Satisfaction

Halah Touryalai

A recent survey suggests investors have higher rates of satisfaction with regional and independent broker/dealers than with wirehouse firms.

Edward Jones comes out on top for the second consecutive year in J.D. Power And Associates' 2006 Full-Service Satisfaction Study, which surveyed over 5,000 investors. The survey examined seven factors that contribute to overall satisfaction. They are (in order of importance): competitiveness of portfolio (20 percent); financial advisor/broker (18 percent); account set-up/account offerings (17 percent); commissions and fees (13 percent); customer service representative (12 percent); convenience (11 percent); and account statements (10 percent). Regionals and independents occupied the first four spots, with full-service firms trailing them. But market consultant Russ Alan Prince points out that full-service firms often have wealthier clients who tend to have more complex financial-planning issues and may be extra demanding.