Edward Jones edges 2 other locally-based broker-dealers in investor survey

Edward Jones was ranked higher than two other St. Louis firms in a J.D. The survey was conducted by J.D. Power to gauge investor satisfaction with full service financial advisors.

Edward Jones ranked sixth on a 1,000 point scale with 735, Wells Fargo Advisors was ninth with 725, and Stifel came in 11th place with 722. Charles Schwab in Westlake Texas led the survey, scoring 752 points, while the average for the industry was 727.

The survey is based on the responses of 6,168 investors working with a full service adviser or team of advisers. The survey was conducted online between October 2022 and January last year and examined issues such as "levels of trust and value in fees."

In an email, a spokesperson from Des Peres' Edward Jones stated: 'We have embarked on a multiyear journey of transformation. This is to better serve our clients through personal relationships as well as comprehensive planning and advice. Stifel Financial Corp. in St. Louis and Wells Fargo Advisors - the brokerage division of San Francisco's Wells Fargo & Co. - did not respond immediately to a comment request.

According to the survey, overall satisfaction among investors with full-service financial advisers has declined 17 points since 2022. This drop is consistent in the long-term trend that investor satisfaction moves in lockstep to stock market performance. Craig Martin, executive director at J.D. Power's Wealth and Lending Group.

The firms that have been able to hold up well are those who have developed relationships. They get extra credit in good times. They are loved by the customer and they say, "I am making a lot of money." Martin said that in bad times they will say, "I'm not happy but I give grace because I see the value of the relationship and I recognize the benefits."