Friday, January 27, 2023
HomeMarketWeek’s Best: J.P. Morgan Is Tops in Digital Satisfaction

Week’s Best: J.P. Morgan Is Tops in Digital Satisfaction

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Wealth management firms shouldn’t give short shrift to their apps. That is a key takeaway 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 the firm’s app. In a survey of thousands of investors, J.D. Power found that

J.P. Morgan

Wealth Management ranked highest in terms of digital satisfaction, while low-cost index fund giant Vanguard came in last.

In other most-read wealth management articles this week:

Generation gap. Most wealth management pros understand the industry faces a serious challenge in attracting and retaining next-generation financial advisors. But our columnist writes that firm leaders shouldn’t panic. Instead, they should make specific adjustments now in how they engage with next-gen talent. Among his suggestions: improve your next-gen communications networks, embrace hybrid work culture, and take social values seriously.

What’s keeping compliance officers up at night. Digital communications channels have made our world feel smaller and have enabled advisors to keep in close touch with their clients. They have also created headaches for compliance officers at wealth management firms. A recent survey finds these professionals feel overwhelmed trying to keep up with advisors’ digital communications. They see the greatest regulatory risk in text messaging, followed by the WhatsApp, and



Fidelity still attracting younger investors. Fidelity Investments said its asset levels fell year over year during the third quarter. Nothing surprising there, given markets’ lousy performance this year. But one bright spot in the investment giant’s report was that it is still bringing in plenty of young clients, with young investors accounting for more than half of new accounts opened.    

Green light for ESG in 401(k)s. Funds that choose stocks based on environmental, social, and governance factors can now be used in 401(k) plans following the Labor Department’s reversal on Tuesday of a Trump administration rule. The former guideline instructed plan fiduciaries to only consider investment performance-related factors when deciding which funds to include. ESG has become a political hot-button this year. Some conservative state politicians have recently made efforts to curtail ESG investments in their jurisdictions.

Client solicitation spat. The latest legal tussle over client contacts involves a large advisor team from


that left to join RBC. UBS alleges the 15-person team used firm resources to prepare for the move and solicited business from at least one client inappropriately. The advisors dispute the allegations in a Nov. 11 court filing, arguing that notifying clients of a move isn’t the same as soliciting their business.

Lastly, for this holiday week, we’ve compiled some of the most insightful advice on markets and investing from recent subjects of our weekly Q&A and The Way Forward podcast. Veteran forecaster Jim Stack explains why we might still be in the first half of a bear market, while UBS’ Solita Marcelli outlines what we’ll need to see before stocks can make a sustained rally, and

Goldman Sachs

‘ Joe Duran explains how smart planning can help ease the pain of sharp market declines.

Have a great weekend.

Write to Ross Snel at and Amey Stone at


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