Citigroup, amidst a reorganization and layoffs to enhance profitability, has received a boost in the form of a new survey. The bank’s wealth management arm has been ranked as the top full-service financial advice firm for digital satisfaction. The survey, conducted by J.D. Power, assessed the digital experience provided by wealth management apps and websites in the United States.
Full-Service Advisory Apps and Websites Rankings
In the category of full-service advisory apps and websites, JPMorgan Chase’s Private Client Advisors secured the second spot, while Fidelity came in third. J.D. Power’s findings acknowledge that large banks have an advantage in the wealth space due to their substantial investments in retail banking apps and websites.
Self-Directed Retail Customers Rankings
J.P. Morgan Wealth Management claimed the highest position in overall customer satisfaction for self-directed retail customers. T. Rowe Price and Robinhood secured the second and third spots, respectively, in this category.
Laggards among Wealth Management Firms
Among the 12 wealth management firms evaluated in the full-service category, Vanguard landed at the bottom of the rankings. Morgan Stanley’s performance was just a notch better. In the self-directed side, Merrill Edge received the lowest ranking, with Fidelity slightly outperforming them.
Factors Influencing Satisfaction
J.D. Power’s research considered both mobile apps and websites, with respondents providing feedback on various aspects including visual appeal, ease of navigation, speed, and information provided. Notably, the study revealed that clients who frequently use their firm’s app reported higher overall satisfaction levels. Full-service investors who use their firm’s app daily indicated a 14% higher satisfaction score compared to those who never use the app and a 7% higher score than clients who only use it once a year.
Other Highly Ranked Firms
In addition to the top performers, several full-service and self-directed firms ranked above the average. U.S. Bank, Wells Fargo, and Charles Schwab were among the full-service firms that received ratings above the average. For self-directed clients, Stash, Acorns, Schwab, and E*Trade performed exceptionally well.
J.D. Power’s study was based on the responses of over 6,000 investors collected from June through August.