Wealth Management Apps Become Gateway to Client Satisfaction and Retention, J.D. PowerFinds
Citi Ranks Highest in Wealth Management Digital Experience Satisfaction among Full-ServiceAdvisors; J.P Morgan Wealth Management Ranks Highest in Self-Directed Segment
TROY, Mich.: 21 Nov. 2023 — 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 digitalchannel 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 thanever are logging into wealth websites and apps, and the more often they do that, the higher theirsatisfaction.
“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 sophisticatedinvestment advice,” said Craig Martin, executive managing director and global head of wealthand lending intelligence at J.D. Power. “The digital experience is a crucial component of aneffective 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:

1•Apps substantially outperform websites: The overall average satisfaction score for U.S.
full-service wealth management mobile apps is 776 (on a 1,000-point scale), which is 11
points higher than the average score for full-service wealth management websites (765).
Among self-directed wealth management apps, overall satisfaction is 738, while website
satisfaction is 34 points lower (704).

•Younger customers lean into digital advice: Clients in Gen Y and Gen Z show asignificant preference for digital as their primary communication channel for advice(56%), planning (59%) and service (74%), while Gen X and Boomer clients still preferhuman interaction for advice and planning.

•Overall satisfaction improves in lockstep with digital utilization: Among both full-service
and self-directed investors, overall satisfaction increases significantly the more oftenclients interact with wealth management websites and apps. The overall satisfaction
score among full-service investors who use their wealth management firm’s app on adaily basis is 798, which is 97 points higher than among those who never use the appand 53 points higher than among those who only use the app once a year.

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.

•Large banks have a leg up on digital: Among both full-service and self-service wealthmanagement providers, large banks perform particularly well, with Citi ranking highest in
the full-service segment and J.P. Morgan Wealth Management ranking highest in theself-directed segment. This performance is likely due to the robust digital capabilities
they’ve developed in their respective retail banking operations.

The U.S. Wealth Management Digital Experience Study evaluates customer satisfaction with thewealth management digital experience, inclusive of both apps and websites, based on fourfactors: 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 throughAugust 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 secondand Fidelity (783) ranks third.
J.P. Morgan Wealth Management ranks highest in overall customer satisfaction with the selfdirected wealth management digital experience, with a score of 754. T. Rowe Price (736) ranks
second and Robinhood (730) ranks third.
For more information about the U.S. Wealth Management Digital Experience Study, visit
https://www.jdpower.com/business/financial-services/wealth-management-digital-experiencesatisfaction-study.
See the online press release at http://www.jdpower.com/pr-id/2023166.
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 tounderstand 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 leadingbusinesses 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 thecompany’s business offerings, visit JDPower.com/business. The J.D. Power auto shopping tool
can be found at JDPower.com.
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
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/aboutus/press-release-info###NOTE: Two charts follow.

Year / Project / Study Name

J.D. Power
2023 U.S. Wealth Management Digital Experience StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)

Full Service
Citi*

798

J.P. Morgan Private Client Advisors

789

Fidelity

783

U.S. Bank

774

Wells Fargo Advisors

774

Charles Schwab773

Segment Average

770

Merrill759

Ameriprise

757

Raymond James755Edward Jones750

LPL746Morgan Stanley742

Vanguard741* Based on respondents who selected Citigroup and indicated they have an advisor.
Source: J.D. Power 2023 U.S. Wealth Management Digital Experience Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,
and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.

Year / Project / Study Name

J.D. Power
2023 U.S. Wealth Management Digital Experience StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)

Self-Directed
J.P. Morgan Wealth Management*

754

T. Rowe Price

736

Robinhood

730

Stash

729

Acorns723

Charles Schwab

723

E*TRADE

720

Segment Average

718

Wells Fargo Advisors/WellsTrade

717

Vanguard

715

TD Ameritrade708

Fidelity

707

Merrill Edge

705

* Based on respondents who selected J.P. Morgan Self Directed Investing and indicated they did not have an advisor.
Source: J.D. Power 2023 U.S. Wealth Management Digital Experience Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,
and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.