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Ameriprise, Edward Jones, Wells Fargo Advisors Ranked Top Personal FA Firms

February 15, 2018

U.S. households continue to rank Edward Jones and Ameriprise as the top financial firms across several categories for 2017, according to a Hearts & Wallets survey cited by ThinkAdvisor. But traditional advice firms may want to take a cue from banks and online brokerages when it comes to making their fees clear and understandable.

Meanwhile, despite trouble at its parent company’s retail banking unit, Wells Fargo Advisors was ranked along Ameriprise and Edward Jones as one of the top firms that offer personal financial advice, according to the survey of 5,000 American households asked to name their top two financial providers out of 23 top financial institutions, the publication writes.

Morgan Stanley also joins the top ranks in the personal advice category this year, as well as being voted “most improved” in personal financial advice, explaining things in understandable terms, understanding their customers, putting clients’ interests first and sharing their values, among other categories, ThinkAdvisor writes.

Overall, consumers value clarity of fees and “understandability” as the most important qualities they want from their financial institutions, with the two categories each getting selected by 56% of respondents as the most important ones, according to the publication. Edward Jones and Ameriprise, along with USAA, took the top spots for “understandability,” while Morgan Stanley and Citibank were ranked as the most improved, according to the survey cited by ThinkAdvisor. None of them, however, took top marks for clarity of fees, with Scottrade voted top performer and Citibank and PNC rated most improved, the publication writes.

Consumers also ranked USAA and Edward Jones as top performers in putting clients’ interests’ first, according to the survey cited by ThinkAdvisor. Scottrade and USAA, along with Vanguard and Charles Schwab, were ranked as top performers when it comes to low fees, the publication writes.

By Alex Padalka
  • To read the ThinkAdvisor article cited in this story, click here.