Category: Financial Advisor|Wealth ManagementUnited States

Digital Advice Falling Short of Potential Due to Lack of Client Understanding, JD Power Finds

2023-04-12

jillian.breska

TROY, Mich.: 13 April 2023 — After the past few years of digital transformation and a do-it-yourself investing revolution that saw the rise and fall of meme stocks, crypto and virtually every other asset class, younger investors are at a crossroads. While many want guidance and the vast majority are open to digital advice from their brokerage firms, few understand how technology manages their portfolio. According to the JD Power 2023 U.S. Self-Directed Investor Satisfaction Study,^SM released today, that lack of understanding could pose challenges for firms trying to establish longer-term relationships with younger, do-it-yourself investors.

“With most trading fees now eliminated and the core capabilities most consumers need being universally available, brokerage firms are challenged to demonstrate a value proposition that stands out from the crowd,” said Craig Martin, executive managing director and head of wealth and lending intelligence at JD Power. “Digital, or robo-advice, presents an ideal platform to provide value-added services that can help grow and develop higher value relationships over time. But firms need to do a better job explaining how that digital advice works and articulating a clear value proposition for investors. Right now, investors are interested, but if they are going to stick around for the long haul, they need to understand the value of the service they are receiving.”

Following are key findings of the 2023 study:

• Millennials¹ and Gen Z highly receptive to digital advice: Younger self-directed investors within the do-it-yourself segment are hungry for advice and the majority are receptive to the idea of receiving digital, or robo-advice. Currently, 86% of Gen Z investors and 79% of Millennial investors are interested in receiving robo-advice. Those numbers have increased 5 percentage points and 3 percentage points, respectively, during the past three years as market conditions have become more challenging.
• Widespread lack of understanding: Despite strong interest in digital advice, very few users of the technology understand how it works. Just 22% of investors who currently use robo-advice offerings from their brokerage firm say they “completely understand” how the technology manages their portfolio. Net Promoter Scores®² decrease significantly when investors say they are unsure how the digital technology works.
• Human support is a key variable: Don’t be fooled by the terms do-it-yourself and robo-advice. Self-directed investors are still looking for human support when it comes to onboarding, answering technical questions and resolving problems. Human support also plays a key role in providing greater transparency and trust in digital advice.

Study Rankings

Fidelity (704) ranks highest in self-directed investor satisfaction among investors seeking guidance. E*Trade (698) ranks second and Charles Schwab (695) ranks third.

Vanguard (734) ranks highest in self-directed investor satisfaction among do-it-yourself investors. T. Rowe Price (724) ranks second and Charles Schwab (717) ranks third.

The U.S. Self-Directed Investor Satisfaction Study, now in its 21^st year, evaluates key satisfaction drivers and firm performance among both investors seeking guidance (those who don’t have a dedicated financial advisor but do have access to interact with a registered investment professional) and true do-it-yourself investors (those who do not interact with professional advisors). The study measures self-directed investors’ satisfaction with their investment firm based on performance in seven factors (in order of importance): trust; digital channels; the ability to manage wealth how and when I want; products and services; value for fees; people; and problem resolution.

The study is based on responses from 5,165 investors who make all their investment decisions without the counsel of a full-service dedicated financial advisor. It was fielded from October 2022 through January 2023.

For more information about the U.S. Self-Directed Investor Satisfaction Study, visit
https://www.jdpower.com/business/wealth-management-platform.  

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2004). Millennials (1982-1994) are a subset of Gen Y.
²Net Promoter Score, NPS and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

Largest Asset Managers Dominate in Advisor Digital Experience, JD Power Finds

2022-11-02

TROY, Mich.: 3 Nov. 2022 — Asset management websites have officially replaced wholesalers and legacy relationships as the primary drivers of engagement with investment advisors. While that’s good news for some of the biggest brands, according to the JD Power 2022 U.S. Advisor Online Experience Study,^SM released today, smaller asset managers are struggling to differentiate and showcase their unique value propositions in this increasingly digital-first environment. This is especially troubling as the research clearly establishes a strong connection between the quality of the digital experience and advisor intention to invest more with that asset manager.

The U.S. Advisor Online Experience Study explores how financial advisors interact with asset manager websites as part of their practice of helping clients build and manage optimal portfolios.

“The numbers make it crystal clear: asset managers that provide an exceptional digital experience for advisors drive significantly higher likelihood of increased investment, but just 13% of asset managers are delivering that superior level of service today,” said Mike Foy, senior director and head of wealth intelligence at JD Power. “The problem is particularly acute among smaller asset managers who have a tremendous need and opportunity to differentiate and highlight their unique strengths on digital, but often miss the mark with sub-par navigation and tools—and little in the way of compelling brand differentiation.”

Following are some key findings of the 2022 study:

• Website satisfaction tied to intent to invest: Among advisors who have overall satisfaction scores of 801 or higher (on a 1,000-point scale) with an asset manager’s website, 91% say they are extremely likely to increase investment during the next three months with that firm. However, just 13% of asset manager websites have earned these high scores. Among advisors who have overall satisfaction scores of 800 or lower with the asset manager’s website, just 40% say they intend to increase investment with those brands.
• Smaller asset managers struggle to compete on digital: The average overall satisfaction score among large asset managers with $1 trillion or more in U.S. non-institutional assets under management is 657. That number falls to 617 among small asset managers with less than $400 billion under management. The gap in website satisfaction between small and large asset managers is widest in the areas of research information and content; availability of client-specific information and material; and researching product offerings and information.
• Opportunities to differentiate: Areas in which smaller asset managers have an opportunity to differentiate include increased tool offerings (such as investment comparison tools); more prominent placement of those tools on website homepage and navigation bars; and more upfront, immediate access to client information.
• Missing the mark on ESG: One area in which nearly all asset managers are falling short on their websites is providing information on environmental, social and governance (ESG) issues. Just 29% of asset managers are currently meeting an advisor’s needs when it comes to ESG reporting.

Individual scores and rankings are not provided in this benchmarking study. Firms included in the study are (in alphabetical order):

AllianceBernstein
BlackRock
Capital Group
Charles Schwab
Columbia Threadneedle Investments
Fidelity Investments
Franklin Templeton
Invesco
J.P. Morgan
MetLife Investment Management
MFS Investment Management
Morgan Stanley
Nuveen
PIMCO
Prudential Financial
State Street Global Advisors (SSGA)
T. Rowe Price
Vanguard

The 2022 U.S. Advisor Online Experience Study evaluates advisor interaction with asset manager websites based on four factors: speed; information/content; visual appeal; and navigation. The study is based on 2,320 total evaluations and was fielded from June through August 2022. 

For more information about the 2022 U.S. Advisor Online Experience Study, visit https://www.jdpower.com/business/wealth-management/advisor-online-experience-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

Asset Manager Websites Wield Big Influence on Advisors’ Decision to Invest, JD Power Finds

2021-12-08

jillian.breska

Think financial advisors select asset managers based solely on track record and relationships with wholesalers? Think again. The information advisors do and do not provide on their websites and the ease of access to that information have become key drivers of strong intent to invest and high Net Promoter Scores® (NPS).¹ However, according to the JD Power 2021 U.S. Advisor Online Experience Study,^SM released today, many asset managers are missing the mark on basic website navigation and functionality, which creates a significant gap in satisfaction between top- and bottom-ranked firms.

The U.S. Advisor Online Experience Study, previously known as the Advisor Digital Engagement Study, has been redesigned and renamed this year to reflect the increasingly prominent role that asset manager websites play in the day-to-day workflow of financial advisors. The study explores how financial advisors interact with asset manager websites as part of their practice of helping clients build and manage optimal portfolios.

“Asset managers need to recognize that their websites are often the most significant touchpoint they have with advisors,” said Mike Foy, senior director of wealth intelligence at JD Power. “We’ve all become accustomed to being able to quickly find information online without having to pick up the phone or send an email for every question. That same experience extends to the advisor-asset manager relationship. Advisors are significantly more likely to invest more with a firm that makes it easy for them to quickly find the information and tools they need. Some firms are delivering on that promise, while others are lagging far behind.”

Following are some key findings of the 2021 study:

• Website satisfaction tied to intent to invest, higher NPS: Among advisors who have overall satisfaction scores of 800 or higher (on a 1,000-point scale) with an asset manager’s website, 93% say they are extremely likely to increase investment during the next three months with that firm. However, just 11% of evaluations have conferred these high scores on asset managers. Similarly, those asset manager firms with the highest levels of overall satisfaction also had an NPS score of 89, the highest in the study.
• Many asset managers still need to fix the basics: Clear site navigation and ability to find the information and tools needed is a core requirement of asset manager websites, but just 37% of advisors say it is very easy to find the information they need and only 34% say it is very easy to find the features and tools they need on an asset manager’s website.
• Missing the mark on ESG: Despite widespread media attention and highly publicized efforts to increase their focus on environmental, social and governance (ESG) issues, very few asset manager websites are meeting advisors’ needs when it comes to providing information on ESG strategies. On average, just 26% of advisors say an asset manager’s website meets their ESG needs. Further, among all brand attributes measured in the study, asset managers performed lowest on being committed to ESG.
• Differentiated site experience: While many asset manager websites are providing basic information on their market outlooks and investment insights, very few are effectively differentiating with unique thought leadership, guidance/advice on advisory practice management and new business development. When advisors are aware of these differentiated types of site content, satisfaction rises.
• Leverage people to drive digital engagements: Very few advisors have had a wholesaler or other asset manager rep provide a demo or tour of available resources on their website. Less than one-fourth (23%) of advisors had this experience, but satisfaction among those who did is 103 points higher than among those who didn’t.

“As we’re seeing consistently across every industry, customer expectations for immediate gratification and easy access to tools and information are being raised every day as more of our lives are conducted through digital channels,” said Amit Aggarwal, senior director of digital solutions at JD Power. “This puts a focus on advisor-facing websites as a critical component of the end-user experience and shines a light on some significant challenges many firms are facing when it comes to building engagement online.”

Study Ranking

Individual scores and rankings are not provided in this benchmarking study. The firms in the top-performing quintile are BlackRock, Capital Group and J.P. Morgan.

The 2021 U.S. Advisor Online Experience Study evaluates advisor interaction with asset manager websites based on four factors: speed, information/content, visual appeal and navigation. The study is based on 3,104 total evaluations and was fielded from July through September 2021. 

For more information about the 2021 U.S. Advisor Online Experience Study, visit https://www.jdpower.com/business/wealth-management/advisor-online-experience-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹Net Promoter,® Net Promoter System,® Net Promoter Score,® NPS,® and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

Wirehouse Wealth Management Firms Struggle to Keep Advisors Satisfied through Pandemic and Beyond, JD Power Finds

2021-07-02

jillian.breska

Despite the massive, industry-wide disruption caused by the COVID-19 pandemic, booming financial markets and significant gains in production have boosted overall financial advisor satisfaction this year. But not all advisors are feeling the warm glow of support from their firm. According to the JD Power 2021 U.S. Financial Advisor Satisfaction Study,^SM released today, advisors working for wirehouse firms¹ generally indicate having significantly lower levels of support from their firm, greater disruption of business services and 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 JD 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.”

Following are some key findings of the 2021 study:

• Wirehouses fall short of advisor expectations: Despite payout rates and branding campaigns that suggest higher levels of support for advisors, wirehouse firms have fallen short of advisor expectations during the pandemic, with 34% of wirehouse advisors reporting reduced levels of support from the home office and 29% citing disruption of business services. In both cases, wirehouse advisors have experienced negative effects from the pandemic at approximately double the rate of non-wirehouse and independent advisors. Wirehouse advisors also cite higher levels of difficulty transitioning to remote work. Morgan Stanley is an exception as the only wirehouse that significantly improves from 2020. 
• Dissatisfied advisors more than three times as likely to switch firms: Tracking firm-level advisor satisfaction scores from 2018 through 2021, JD Power finds that 18% of advisors working for firms with the lowest overall advisor satisfaction scores ended up switching firms during that period. That compares with a switch rate of just 5% among the firms with the highest overall advisor satisfaction scores. The average annual production of defecting advisors is nearly $800,000 per year, and 63% of investors indicate they would likely leave their firm to follow their advisor if he/she left the firm.²
• Advisor satisfaction strongly linked to Net Promoter Score® (NPS)³: Across all advisor segments, satisfaction is strongly linked to advocacy as well as retention. Among the nearly one-third (32%) of advisors whose satisfaction is above 900 (on a 1,000-point scale), nearly all will promote their firm (NPS=97). Just 2% say they plan to leave their firm.
• Technology and operations support are common pain points for dissatisfied advisors: Among advisors who provide the lowest NPS scores, the most significant pain points are technology and operations support. Just 35% of these dissatisfied advisors say their firm’s technology offerings have improved in the past year and just 12% have had problem-free experiences with their firm during the past year.

Study Rankings

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.

The U.S. Financial Advisor Satisfaction Study measures satisfaction among both employee advisors (those who are employed by an investment services firm) and independent advisors (those who are affiliated with a broker-dealer but operate independently) based on six key factors (in alphabetical order): compensation; leadership and culture; operational support; products and marketing; professional development; and technology.

The study is based on responses from 3,029 employee and independent financial advisors and was fielded from January through April 2021.

For more information about the U.S. Financial Advisor Satisfaction Study, visit https://www.jdpower.com/business/resource/us-financial-advisor-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹Merrill, Morgan Stanley, UBS and Wells Fargo Advisors
²Data is from JD Power 2021 U.S. Full-Service Investor Satisfaction Study^SM
3Net Promoter,® Net Promoter System,® Net Promoter Score,® NPS,® and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.

Failure to Understand Younger Investors Could Affect Advisors’ Ability to Attract Clients, JD Power Finds

2021-04-15

jillian.breska

With consumers in the Millennial¹ generation poised to inherit more than $68 trillion in wealth from their Boomer parents during the next decade, full-service wealth management firms have a vested interest in tailoring their services to the evolving needs of younger investors. According to the JD Power 2021 U.S. Full-Service Investor Satisfaction Study,^SM released today, the past year has exposed a stark divergence in the investment behavior of younger investors compared with their older counterparts.

“Investors under age 40 are changing much more quickly in terms of their wealth management preferences and priorities—and they look increasingly different from Boomers,” said Mike Foy, senior director of wealth intelligence at JD Power. “Not only has the pandemic significantly accelerated their shift to more digital engagement, but emerging issues like ESG [environmental, social and governance] are also a major priority for them that isn’t seen as much yet among Boomers. Wealth management providers are making a mistake if they assume that the emerging affluent investors will simply evolve into Boomers over time. Firms with the ability to recognize and address these changing needs will define success through the great wealth transfer.”

Following are some key findings of the 2021 study:

• Younger investors crank up interaction during pandemic: More than half (55%) of full-service investors under age 40 prefer digital channels for communicating with their advisors vs. just 26% among older investors. More than two-thirds (71%) of full-service investors under age 40 have increased their frequency of interaction with their advisory firm during the pandemic, with phone (+33%), website (+25%), email (+24%) and mobile apps (+23%) emerging as the channels with the largest increases. By contrast, just 38% of investors age 40 and older increased their level of engagement during the past year.

• Younger investors twice as likely to make financial changes: During the past year, 58% of investors under age 40 made changes to their investment portfolios, such as increasing or decreasing investments, stopping recurring contributions or making withdrawals. During the same period, just 28% of investors age 40 and older made similar changes.
• ESG becomes key priority but many firms still fall short: Among investors under age 40 who strongly agree that their advisory firm is committed to ESG efforts, 52% say they plan to increase their investment with that firm. The number falls to just 24% among investors over age 40. Despite the positive influence ESG has among younger investors, 68% say they either have doubts about their firm’s commitment to ESG or don’t know about it.
• One-time fee-for-service and subscription payment models attractive to younger investors: Nearly three-fourths (74%) of investors under age 40 say they would prefer to pay for full-service wealth management via a one-time fee-for-service model. This is followed closely by a subscription model, which is supported by 73% of investors under age 40. By contrast, among full-service investors age 40 and older, just 42% support a fee-for-service model and 34% support a subscription model.

Study Ranking

Edward Jones ranks highest in overall investor satisfaction with a score of 770 (on a 1,000-point scale). Stifel (760) ranks second, while Fidelity (751), RBC (751) and UBS (751) each rank third in a tie.

The U.S. Full-Service Investor Satisfaction Study, now in its 19th year, is redesigned for 2021. As a result of the study redesign, scores are not comparable to those of previous years. The study measures overall investor satisfaction with full-service investment firms in seven factors (in order of importance): trust; people; products and services; value for fees; ability to manage wealth how and when I want; problem resolution; and digital channels.

The study is based on responses from 4,392 investors who make some or all of their investment decisions with a financial advisor. The study was fielded from December 2020 through February 2021.

For more information about the U.S. Full-Service Investor Satisfaction Study, visit https://www.jdpower.com/business/resource/us-full-service-investor-satisfaction-study.

About JD Power
JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on
JD Power to guide their customer-facing strategies.

JD Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2004). Millennials (1982-1994) are a subset of Gen Y.

Asset Manager Digital Strategies Drive Investment Inflows, JD Power Finds

2020-11-03

jillian.breska

The financial services wholesaler lunch-and-learn event is dead. Long live online webinars, websites and active social media accounts. While the ranks of wholesalers were already shrinking prior to the pandemic, the arrival of COVID-19 has only accelerated the trend toward more digital engagement between asset managers and financial advisors. According to the JD Power 2020 Advisor Digital Engagement Study,^SM released today, asset managers who have the highest levels of digital engagement with advisors are also achieving the best brand perceptions and reaping the largest inflows of new investment from those advisors, while asset managers with less digital engagement are falling further behind.

“For asset managers in the current marketplace, forging and maintaining successful relationships with advisors is increasingly about effective digital engagement,” said Mike Foy, senior director of wealth and lending intelligence at JD Power. “That trend has been occurring for some time, but it has really ramped up during the pandemic, with wholesalers unable to meet face to face and advisors citing higher levels of stress and increased workloads. Against this backdrop, asset managers need to provide easy access to relevant content and resources across multiple digital channels, including content that can help them do their job more effectively and build their practice.”

Following are some key findings of the 2020 study:

• Effective digital strategy drives advisor intent to invest: Asset managers who build strong digital relationships with advisors see significantly higher investment inflows from those advisors. Specifically, the top four asset management firms earning the highest scores across multiple digital experiences—Capital Group, BlackRock, JP Morgan and MFS—also have the highest levels of intent to invest among advisors.
• Time-pressed investors need easy access to information: Because of the pandemic, advisors are pressed for time more than ever before, with 58% citing increased stress and anxiety, and 25% saying their work hours have increased. Accordingly, digital engagements that resonate most are those that provide easy access to asset management content and resources.
• Webinars win the day: Among the different types of digital interactions, webinars show the largest increase in advisor engagement, with 56% of advisors saying they’ve attended their primary asset management firm’s webinar in the past six months, up from 34% in 2019. Email and websites also have seen year-over-year growth in utilization, along with social media.
• Advisors remain skeptical about ESG commitment: A company’s commitment to environmental, social and governance (ESG) issues is one of the most significant drivers of asset manager reputation, and 55% of advisors say they are very likely to invest more in brands they identify as committed to ESG. However, advisors perceive only 15% of brands with which they currently work are genuinely committed to this issue.
• When it comes to digital, not all advisors are created equal: Asset managers need to understand which segments of advisors are most open to, and influenced by, digital vs. those who still want more personal interaction with wholesalers. Advisors with 16 or more years of experience in the industry are significantly more likely to rely on digital interactions with asset managers than those who have only been in the industry five years or less. Likewise, independent advisors (and those who invest primarily in ETFs) are more likely than wire house brokers (and those who invest primarily in mutual funds) to rely on digital.

The 2020 Advisor Digital Engagement Study, now in its second year, evaluates how financial advisors digitally interact with asset management firms and how that digital experience affects their brand impressions and future intentions to invest client assets with those firms. Digital engagement is evaluated across multiple channels including email, mobile apps, podcasts, social media, webinars and websites. The  study is based on 26,174 brand evaluations from 1,330 financial advisor respondents and was fielded from May through July 2020. 

For more information about the JD Power 2020 Advisor Digital Engagement Study, visit https://www.jdpower.com/business/resource/advisor-digital-engagement-study.

JD Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power is headquartered in Troy, Mich., and has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

Media Relations Contacts
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
John Roderick; East Coast; 631-584-2200; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info