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TROY, Mich.--(BUSINESS WIRE)--Nov 21, 2024--
As expectations for the wealth management client experience continue to evolve from being more transaction- and product-driven to a more bespoke engagement, digital apps and websites have become critical customer touchpoints. According to the J.D. Power 2024 U.S. Wealth Management Digital Experience Study, SM released today, more full-service and self-directed wealth management clients than ever have come to expect tailored guidance on how to meet personal financial goals from the digital channels offered by their wealth management firms. While many firms are delivering on basic needs of transactional relationships, the majority still have a long way to go to build more personalized digital experiences that are a point of differentiation.
“The majority of apps and websites for investors are delivering the basics of a foundational digital experience with the requisite design aesthetics and core capabilities to get by,” said Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power. “Delivering at this level is the minimum threshold but the bar is being quickly raised. Failing to keep up will put firms at a major disadvantage in their efforts to drive organic growth. Leading-edge firms are delivering truly valuable experiences that offer proactive, personalized guidance and tools that support the increased focus on establishing financial plans and the tools that help investors achieve their goals. While many firms have increased their focus on planning and related tools, they are struggling to deliver on the digital experiences that provide the higher-order values that clients are being told to expect.”
Following are key findings of the 2024 study:
“In a world in which firms are offering no-fee trades and many of the basics of the user experience are similar from one brand to the next, the digital experience hierarchy has increasingly become a critical means of differentiation,” said Jon Sundberg, senior director of digital solutions at J.D. Power. “The fastest path to delivering on growing customer expectations for digital is to deliver a truly personalized level of engagement that takes each client’s unique needs and goals into account.”
Study Rankings
J.P. Morgan Wealth Management ranks highest in overall customer satisfaction with the full-service wealth management digital experience, with a score of 843. U.S. Bank (817) ranks second and Wells Fargo Advisors (805) ranks third.
J.P. Morgan Wealth Management also ranks highest in overall customer satisfaction with the self-directed wealth management digital experience for a second consecutive year, with a score of 783. Stash (751) ranks second and Robinhood (749) ranks third.
See the rank chart for each segment at http://www.jdpower.com/pr-id/2024154.
The U.S. Wealth Management Digital Experience Study evaluates customer satisfaction with the wealth management digital experience, inclusive of both apps and websites, based on four factors: visual appeal; navigation; speed; and information/content. This year’s study is based on responses from 5,871 full-service and self-directed investors and was fielded from June through August 2024.
For more information about the U.S. Wealth Management Digital Experience Study, visit https://www.jdpower.com/business/financial-services/wealth-management-digital-experience-satisfaction-study.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies.
J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit JDPower.com/business. The J.D. Power auto-shopping tool can be found at JDPower.com.
About J.D. Power and Advertising/Promotional Rules:www.jdpower.com/business/about-us/press-release-info
View source version on businesswire.com:https://www.businesswire.com/news/home/20241121378957/en/
CONTACT: Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
KEYWORD: MICHIGAN UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: DATA ANALYTICS FINANCE ASSET MANAGEMENT DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY APPS/APPLICATIONS DIGITAL CASH MANAGEMENT/DIGITAL ASSETS
SOURCE: J.D. Power
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PUB: 11/21/2024 08:00 AM/DISC: 11/21/2024 08:03 AM
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