JD Power just released the results of its 2009 Self-Directed Investor Satisfaction Study, which polled 5,000 investors who make decisions without a financial adviser.
Charles Schwab (SCHW) came out on top with a five out of five stars rating for overall satisfaction, trailed by Vanguard, Scottrade, TD Ameritrade (AMTD), and Fidelity Investments.
However, I was disappointed to see that JD Power only included 13 firms in its survey. Companies like OptionsXpress (OXPS), Thinkorswim, and TradeKing, all of whom are highly rated in rival surveys from Barron’s and Smart Money, were excluded from the rankings.
Moreover, I don’t understand the reasoning behind including Wells Fargo (WFC), Banc of America (BAC), Merrill Lynch, and Smith Barney in this survey. Their bread-and-butter is most certainly not the self-directed investor.
I really like JD Power, but next year, I hope they’ll include more than 5,000 investors in their survey – it would help ensure a fair playing field for smaller firms who do a good job of taking care of their customers.
Here are the complete rankings:
- Charles Schwab
- Vanguard
- Scottrade
- TD Ameritrade
- Fidelity Investments
- Sharebuilder
- ING Direct
- T. Rowe Price (TROW)
- E*Trade Financial (ETFC)
- Wells Fargo Investments
- Banc of America Investment Services
- Smith Barney
- Merrill Lynch
P.S. You may like my article How to Choose an Online Broker
Disclosure: I am an OptionsXpress (OXPS) shareholder