But not all advisors are feeling the warm glow of support from their firm. Advisors working for wirehouse firms generally indicate:
- Having significantly lower levels of support from their firm
- Greater disruption of business services
- More difficulty transitioning to remote work than do those advisors working for non-wirehouse and independent advisory firms
“Advisor satisfaction is directly linked to retention and brand advocacy, so firms that want to get the most out of their advisors need to invest in providing them with the best tools and support to do their jobs effectively under all circumstances,” said Mike Foy, senior director of wealth and lending intelligence at J.D. Power. “This year has been especially challenging, and this study identifies some firms that clearly did a better job than others in meeting those challenges.”
According to J.D. Power, among employee advisors, Edward Jones ranks highest in overall satisfaction with a score of 890. Raymond James & Associates (864) ranks second and Stifel (857) ranks third.
Among independent advisors, Commonwealth ranks highest in overall satisfaction with a score of 936. Raymond James Financial Services (853) ranks second and Cambridge (842) ranks third.