Vanguard and Raymond James Financial lead investor satisfaction rankings in J.D. Power’s latest study, highlighting key trends among both self-directed and advised investors.
J.D. Power, which revamped its investor satisfaction study this year, evaluated firms in two distinct categories. Among self-directed investors, Vanguard claimed the top spot, followed by Fidelity in second place and T. Rowe Price in third. Last year, Fidelity led this category. Meanwhile, among investors working with financial advisors, Raymond James overtook U.S. Bank to secure the highest satisfaction rating. U.S. Bank ranked second, with Edward Jones following in third place.
Investor trust and ease of doing business emerged as the primary drivers of satisfaction in this year’s study, reinforcing the importance of transparent, seamless client experiences.
The study also uncovered a significant demand for financial advice among younger investors. While 37% of millennial and Gen Z self-directed investors express interest in working with an advisor, they constitute only 11% of actual clients at traditional wealth management firms. Additionally, many investors are choosing a hybrid approach, maintaining both an advised relationship and a self-directed account.
“For younger generations of investors who have experienced digital, human, and hybrid investment advice in recent years, the decision to pursue a DIY or advised approach is rarely a binary choice,” said Kapil Vora, senior director of wealth intelligence at J.D. Power.
The findings underscore a key opportunity for wealth advisors and Registered Investment Advisors (RIAs) to engage with younger investors who seek professional guidance but may not yet be traditional clients. Firms that effectively integrate digital and personalized advisory services may be best positioned to capture this emerging demand.
J.D. Power’s study is based on responses from more than 7,800 advised investors and 3,700 self-directed investors surveyed between January and December 2024.
