- The number of investors who say they "completely" understand their fee structure has dropped 4% from last year to 35% in 2013.
- The proportion of investment firms that have contacted investors two or more times in the past 12 months -- the minimum standard according to J.D. Power -- regarding products, services or educational seminars has declined to 34% from 39%.
- The incidence of investor awareness or use of at least one financial planning tool has declined to 28% from 31%.
By Hal M. Bundrick NEW YORK ( MainStreet)--Investors who prefer to go it alone are less satisfied with the service they are receiving from self-directed investment firms, according to a new J.D. Power & Associates study. The 2013 U.S. Self-Directed Investor Satisfaction Study>>finds that investors want better communication and simpler online services. The survey reports that based on a 1,000-point scale, Scottrade ranks highest among self-directed investors with a score of 810. The biggest issue affecting consumer satisfaction seems to be the quality and frequency of contact.
Among firms catering to self-directed investors, Charles Schwab & Co., Inc. ranked second in the J.D. Power report with a score of 797, followed by Vanguard at 795. --Written by Hal M. Bundrick