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HomeMarketVanguard Ranks Last for Digital Satisfaction; JP Morgan First

Vanguard Ranks Last for Digital Satisfaction; JP Morgan First

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Want a better client relationship? Try upgrading your app.

That at least is a conclusion from a new J.D. Power survey which found that clients, particularly young ones, report higher overall satisfaction with their wealth management firm when they engage frequently with their firm’s app. It’s even true for clients who work with a financial advisor.

Vanguard Group Inc

Courtesy of Vanguard

J.D. Power surveyed nearly 6,400 full-service and self-directed investors from June through August 2022. The consulting firm ranked firms based on their overall satisfaction with their wealth manager’s digital experience. J.P. Morgan Wealth Management ranked highest with a score of 728 out of a possible 1,000. Rounding out the top three are asset manager

Charles Schwab
with a score of 726, and brokerage firm Edward Jones, with a score of 710.

Asset manager Vanguard, known for its low-cost index funds, ranked lowest with a score of 670. The industry average was 701. Vanguard’s app and website have suffered from tech glitches over the past year. 

“Digital has become a key component of the overall wealth management customer experience,” Amit Aggarwal, senior director of digital solutions at J.D. Power, said in a statement. “Firms that are delivering the best overall digital experience are recognizing that their apps and websites are an extension of the client relationship and can be leveraged to improve relationships with advisors, drive brand loyalty and differentiate from the competition.”

Among other findings, the survey revealed that a good app is a better driver of client satisfaction than a good website and that well-designed apps are crucial to attract and retain younger investors who are more likely to use their smartphones to engage with their wealth management firm.

“The mobile app really is becoming the center of the modern wealth management client user experience, and that’s true not just for do-it-yourself investors but also for those who work with a financial advisor,” Michael Foy, senior director of wealth intelligence at J.D. Power, said. “App users are engaging much more frequently with their brand and, when they have a positive experience, are also much more likely to recommend that brand.”

Write to Andrew Welsch at


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