Le Lézard
Classified in: Science and technology
Subjects: Survey, Economic News/Analysis

Wealth Management Apps Become Gateway to Client Satisfaction and Retention, J.D. Power Finds

It's not just Millennials1 and Gen Z with do-it-yourself brokerage accounts driving the trend toward increased use of digital wealth management tools; the digital channel has become central to the client experience for all types of investors, with mobile apps leading the way. According to the J.D. Power 2023 U.S. Wealth Management Digital Experience Study,SM released today, more full-service and self-directed wealth management clients than ever are logging into wealth websites and apps, and the more often they do that, the higher their satisfaction.

"The wealth management industry has transformed during the past few years with the rise of no-fee trading and advances in technology, democratizing access to tools and sophisticated investment advice," said Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power. "The digital experience is a crucial component of an effective client acquisition and retention strategy. The self-directed account has increasingly become the gateway through which firms build the foundation of more lucrative investor relationships. Firms that get the digital formula right are positioning themselves for long-term success."

Following are key findings of the 2023 study:

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 6,217 full-service and self-directed investors and was fielded from June through August 2023.

Study Rankings

Citi ranks highest in overall customer satisfaction with the full-service wealth management digital experience, with a score of 798. J.P. Morgan Private Client Advisors (789) ranks second and Fidelity (783) ranks third.

J.P. Morgan Wealth Management ranks highest in overall customer satisfaction with the self-directed wealth management digital experience, with a score of 754. T. Rowe Price (736) ranks second and Robinhood (730) ranks third.

See the rank chart for each segment at http://www.jdpower.com/pr-id/2023166.

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 50 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


1 J.D. Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2004). Millennials (1982-1994) are a subset of Gen Y.


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