J.P. Morgan and Citi top J.D. Power rankings for best digital experience; Vanguard and Merrill at the bottom

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As the technology we rely on each day continues to get better, faster and stronger, the digital channel has become a crucial part of the client experience for investors of all categories. 

And experts say for the firms who nail the digital formula, long-term success is sure to follow.

"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 sophisticated  investment advice," Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power, said in a statement. "The digital experience is a crucial component of an effective 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."

J.D. Power on Tuesday released its 2023 U.S. Wealth Management Digital Experience Study, ranking a collection of Wall Street giants on their ability to effectively deliver a digital experience that keeps wealth management clients coming back for more.

Previously known as the U.S. Wealth Management Mobile App Satisfaction Study, the analysis evaluated customer satisfaction in the categories of visual appeal, navigation, speed and information/content. The rankings are based on responses from 6,217 full-service and self-directed investors collected from June through August 2023.

Citi ranked highest in overall customer satisfaction this year among full-service investors with a score of 798 out of a possible 1,000. J.P. Morgan ranked second with a score of 789, and Fidelity came in third with 783.

The bottom of this year's full-service rankings are occupied by Vanguard, Morgan Stanley and LPL Financial, with satisfaction scores of 741, 742 and 764, respectively.

In the self-directed investor category, J.P. Morgan had the highest customer satisfaction score at 754 points, followed by T. Rowe Price at 736 and Robinhood 730. The bottom of the list saw Merrill Edge, Fidelity and TD Ameritrade turn in scores of 705, 707 and 708.

Like last year, customers were more satisfied with wealth management apps than they are with wealth management websites. The 2023 study found that full-service apps have an average satisfaction score of 776, and self-directed apps average 738. Those totals are 11 points and 34 points higher than satisfaction scores among websites. 

The study also found that Generation Z and Generation Y clients show a significant preference for digital as their primary communication channel for advice, planning and service while Gen Xers and baby boomers still prefer human interaction for advice and planning. 

Among both full-service and self-directed investors, overall satisfaction increases significantly the more often clients interact with wealth management websites and apps, according to J.D. Power. The overall satisfaction score among full-service investors who use their wealth management firm's app on a daily basis is 798, which is 97 points higher than among those who never use the app and 53 points higher than among those who only use the app once a year.

Scroll down to see the full 2023 J.D. Power digital experience rankings for full service investors, followed by the rankings for self-directed investors. And check out the 2022 list here. 

All satisfaction scores are out of a possible 1,000 points.