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Vanguard deemed best online brokerage
Big News Network.com
Monday 20th November, 2006 (UPI)
An independent rating service finds that, among U.S. brokerage firms, Vanguard captures the highest customer satisfaction ranking.
The J.D. Power and Associates 2006 Online Investor Satisfaction Study, released Monday, found that Vanguard, which is based near Philadelphia, achieved an overall investor satisfaction index score of 827 on a 1,000-point scale -- a 24-point improvement from 2005. Vanguard received the highest ratings in investment performance, customer service representative, Web site functionality and information resources.
Scottrade followed Vanguard in the ranking, receiving the highest ratings in cost and trade execution. Fidelity Investments and Charles Schwab were No. 3 and No. 4, respectively, and each beat the industry average.
The study measures customer satisfaction with online investment and trading firms based on performance in six factors. They were, in order of importance: Cost; trade execution; investment performance; interaction with the customer service representatives; Web site functionality; and information resources.
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