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Media Room
Release date 04/06/2009
YONKERS, NY — Discount brokers did a better job shepherding clients through the stock market upheaval of the past year than traditional investment banks, according to Consumer Reports survey of the most satisfying brokerage firm services.
Topping the list in overall satisfaction was USAA, available only to current and former military personnel and their families. USAA earned high marks for account service, Web site ease of use, transactions and phone services. Vanguard followed closely in the Ratings and Edward Jones had high marks for phone services.
Consumer Reports National Research Center surveyed almost 9,000 online subscribers asking them about their experiences with their brokerage firms regarding several services including transactions and general customer service, Web site ease of use, online transactions and their instances of problems with phone and personal service between January 2008 and 2009.
Rounding out the list of brokerage firms that respondents found to provide high scores for services were Schwab, Scottrade, Fidelity, TD Ameritrade, and T. Rowe Price.
Though half of survey respondents said their investment portfolios plummeted, most respondents were relatively happy with the level of service and advice they received. However, bigger brokerages, such as Merrill Lynch and Ameriprise, placed lower in the Ratings earning below average scores for their Web sites. Ameriprise also received relatively low marks for phone service.
The survey revealed some additional complaints, even among discount brokers. E-Trade clients reported a higher number of phone-service problems and said they were unable to find information on the company’s Web site 35 percent of the time. E-Trade, Scottrade, and TD Ameritrade were among the lower-rated companies for financial advice, which is not surprising because they are bare-bones discounters.
Unexpected fees continue to irk clients, about 4 percent said they were hit with unexpected fees. Banc of America clients reported the most, with 11 percent saying they were charged unexpected fees.
For more information on the survey and complete broker service ratings check out Consumer Reports May issue or visit www.ConsumerReports.org starting May 6, 2009.
Consumer Reports is a nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
© 2009 Consumer Reports. The material above is intended for legitimate news entities only; it may not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent, nonprofit organization whose mission is to work side by side with consumers to create a fairer, safer, and healthier world. We accept no advertising and pay for all the products we test. We are not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports® magazine, ConsumerReports.org® and our other publications and information products, services, fees, and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use of our readers. Neither the Ratings nor the reports may be used in advertising or for any other commercial purpose without our prior written permission. Consumer Reports will take all steps open to it to prevent unauthorized commercial use of its content and trademarks.
Consumer Reports is a nonprofit membership organization that works side by side with consumers to create a fairer, safer, and healthier world. For 80 years, CR has provided evidence-based product testing and ratings, rigorous research, hard-hitting investigative journalism, public education, and steadfast policy action on behalf of consumers’ interests. Unconstrained by advertising or other commercial influences, CR has exposed landmark public health and safety issues and strives to be a catalyst for pro-consumer changes in the marketplace. From championing responsible auto safety standards, to winning food and water protections, to enhancing healthcare quality, to fighting back against predatory lenders in the financial markets, Consumer Reports has always been on the front lines, raising the voices of consumers.
© 2009 Consumer Reports. The material above is intended for legitimate news entities only; it may not be used for advertising or promotional purposes. Consumer Reports® is an expert, independent, nonprofit organization whose mission is to work side by side with consumers to create a fairer, safer, and healthier world. We accept no advertising and pay for all the products we test. We are not beholden to any commercial interest. Our income is derived from the sale of Consumer Reports® magazine, ConsumerReports.org® and our other publications and information products, services, fees, and noncommercial contributions and grants. Our Ratings and reports are intended solely for the use of our readers. Neither the Ratings nor the reports may be used in advertising or for any other commercial purpose without our prior written permission. Consumer Reports will take all steps open to it to prevent unauthorized commercial use of its content and trademarks.