Industry: Wealth Management

In the latest episode of the JD Power Financial Services Intelligence Update, Mike Foy, managing director of Wealth Intelligence, and Jon Sundberg, director of Digital Solutions, joined Miles Tullo, managing director of Financial Services, to discuss insights from the 2025 U.S. Retirement Plan Digital Satisfaction Study.

The conversation revealed what separates top-performing digital retirement platforms from those falling behind and what plan providers can do to improve participant engagement, trust and satisfaction.

 

The 103-Point Experience Gap

According to the 2025 U.S. Retirement Plan Digital Satisfaction Study, there’s a 103-point difference between the best and worst digital experiences in the industry. Top-performing firms excel across every aspect of design, performance, tools, and content, but two factors stand out:

• Interactive Tools That Drive Engagement: Tools that help users visualize progress and take action on savings goals keep participants engaged, especially after “set it and forget it” enrollment processes.
• Mobile Experience That Feels Seamless: “We’ve seen firms like Bank of America really invest in unifying their mobile experience,” Foy said. “Features like the virtual assistant Erica and the Life Plan tool make it easier for customers to engage across multiple financial needs.”

 

Security: A Must-Have for Trust and Satisfaction

Security has become a major driver of satisfaction. The study found that when participants perceive security as “very effective,” overall satisfaction jumps by 52 points.

Leading firms are now designing security into the user experience, not around it. “We know security is vital. This is your customer’s information, their digital DNA,” Sundberg said. “They want to feel confident that their data is being protected, and design plays a big role in that perception.”

Key design elements can help build trust and improve satisfaction:

• Clean, professional login pages with recognizable options like “Remember Me.”
• Multi-factor authentication (MFA), now widely expected and even appreciated by users.
• Small touches such as padlock icons and clear, jargon-free messages that reassure users their data is safe.

Even younger users, who once resisted MFA, now welcome it, especially when it is combined with biometric authentication for faster and more seamless access.

 

The Missed Opportunity: Proactive Guidance

Despite progress in design and security, 61% of plan participants say digital tools fall short on proactive guidance.  “Proactive guidance means delivering relevant, personalized and timely information that helps participants make smarter financial decisions,” Foy said.

He explained that retirement planning doesn’t happen in isolation. Participants, especially younger ones, are also managing:

• Student loan debt
• Credit card balances
• Savings for major purchases like a first home

To help bridge the industry-wide gap in proactive guidance, many retirement plan providers are turning to artificial intelligence (AI) and predictive analytics to deliver more personalized digital experiences. “AI allows firms to use participant data to identify what messages and topics have resonated with others who share similar profiles,” Foy said. “It’s a huge differentiator in creating targeted, relevant content.”

Learn more about what makes a great retirement plan digital experience. 

The JD Power 2025 U.S. Retirement Plan Digital Satisfaction Study, now available in the press release linked below, measures how effectively retirement plan providers deliver digital experiences that build engagement, trust, and satisfaction across web and mobile platforms.

Stay informed on the latest research and insights by subscribing to the JD Power Monthly Intelligence Update.

Read the Press Release

View All Financial Services Intelligence Update Episodes.

As more veteran financial advisors prepare to retire and younger investors increasingly begin seeking professional guidance, many wealth management firms are entering a period of supply-demand imbalance. The number of experienced advisors is declining just as demand for advice is rising. According to the newly released JD Power 2025 U.S. Financial Advisor Satisfaction Study, firms that want to remain competitive need to act now to address advisor recruitment, productivity and retention.

“Roughly 26 percent of advisors today are over the age of 65, and 20 percent say they plan to retire within five years,” said Mike Foy, Managing Director of Wealth Intelligence at JD Power. “At the same time, we’re seeing a shift in investor behavior. Many younger, self-directed investors are beginning to seek out professional advice.”

This creates a critical moment for firms to rethink how they attract, support and retain advisor talent.

 

Retaining Advisors Starts with Leadership

The study found that advisor satisfaction is strongly influenced by leadership behavior and culture. Foy identified three attributes that matter most to advisors: strategic direction, accountability, and transparency.

“Advisors want to know the firm has a clear and smart strategy that prioritizes both the client and the advisor,” said Foy. “They also expect leaders to create an environment where performance is recognized and rewarded appropriately. And they want honest, timely communication.”

Retention is not just about compensation. It is about building confidence and connection between advisors and the firm’s long-term vision.

 

Autonomy Is a Competitive Advantage

Top-performing firms in both the employee and independent channels share a common trait: they empower advisors to build their business with flexibility.

“Whether advisors are W-2 or independent, they want to feel trusted to manage their client relationships and operate their practice in a way that works for them,” said Foy. “Even firms with more structured employment models, like Stifel, Edward Jones, and Raymond James, are successful because they offer autonomy within that structure.”

Creating an entrepreneurial culture—one that values advisor input and respects how they work—is essential to attracting and keeping top talent.

 

Technology Must Be Strategic, Not Overwhelming

Technology continues to play a significant role in shaping the advisor’s experience, but many firms are struggling to strike the right balance.

“Advisors are split,” Foy explained. “Some say the technology is behind and needs to move faster. Others feel overwhelmed by constant updates and change. The challenge is to modernize without creating friction.”

The firms that are most successful are those that invest in the right capabilities, roll them out with thoughtful training, and align tools with what advisors actually need to grow their business.

 

Invest in the Next Generation of Advisors

The industry is not just facing a retirement wave. It is also facing an advice renaissance, especially among younger investors.

To meet this demand, firms must expand their pipelines. That means actively recruiting new advisor talent, offering structured onboarding, and building mentorship programs that help early-career professionals succeed in an evolving client landscape.

Clients today are looking for holistic, goals-based advice delivered with digital ease. Advisors need to be equipped to meet that standard.

 

What Firms Should Do Now

To stay competitive, firms should focus on three core areas:

• Support succession. Help experienced advisors plan and execute smooth client transitions.
• Strengthen leadership. Build trust and loyalty through communication, strategic clarity, and cultural alignment.
• Simplify the advisor’s experience. Ensure technology, processes, and support systems are enablers, not obstacles.

“This is an inflection point for the industry,” said Foy. “The firms that invest in the advisor experience today will be the ones that lead it tomorrow.”

The full results from the JD Power 2025 U.S. Financial Advisor Satisfaction Study are now available. To explore the rankings and findings, view the press release below.

Read the press release

Contact our team

 

Timely Insights You Won’t Find Anywhere Else

The JD Power Financial Services Intelligence Update podcast delivers quick, data-driven insights into the trends shaping banking, payments, wealth, and lending. Hosted by industry experts, each episode breaks down findings from JD Power’s latest studies

Despite the rise of digital platforms and DIY investing tools, younger DIY investors are increasingly open to seeking advice from financial advisors. Gen Y and Gen Z DIY investors are showing a stronger preference for working with financial advisors than their older DIY counterparts, even though they grew up using technology for almost everything, according to the latest JD Power U.S. Investor Satisfaction Study.

Kapil Vora, Senior Director of Wealth Intelligence at JD Power, shares his expertise in the Financial Service Intelligence Update on why this shift is happening and what it means for the future of wealth management.

DIY Investors Are Reaching Out

“We tend to think of DIY investors as confident and independent,” said Vora. “But the data shows many of them are open to advice, especially younger ones. Gen Y and Gen Z investors are the ones most likely to say they want help from an advisor”

As these younger investors move through major life milestones like starting families and building wealth, they are realizing that digital tools alone may not be enough.

“They’re beginning to recognize that they don’t have all the answers,” Vora added. “Many are saying that online information just is not enough to support their financial decisions anymore.”

Why Advisors Matter More Than Ever to Gen Y & Z

Younger investors are not turning away from digital platforms. Instead, they are saying they want more support than digital alone can provide. The study shows that they often feel uncertain about financial matters and want guidance that feels personal and reliable.

“Younger investors are growing, and so are their financial responsibilities,” Vora said. “They want to talk to someone who understands their unique goals and challenges.”

This presents a clear opportunity for wealth management firms.

What Must Firms Do?

To meet the needs of younger investors, firms should focus on three key priorities:

• Combine digital platforms with access to financial advisors
• Create services and products that support goals like homeownership, debt repayment, and asset building
• Make their platforms easy to use and understand

“The most successful firms will be the ones who make advice accessible and relevant without forcing a choice between tech and people,” Vora explained.

Market Volatility Is Accelerating the Shift

With market volatility continuing, more investors are reaching out for support. According to Vora, this environment is increasing the desire for professional guidance.

“Some DIY investors may be caught off guard, and we expect to see a growing interest in advice during this period,” said Vora. “For investors who already work with an advisor, those who receive comprehensive advice feel more confident and secure.”

Who’s Leading the Pack?

This year’s top-performing firms stand out for their ability to align with investor needs, whether that means offering hands-on advice or robust self-directed tools. Raymond James ranks highest in overall satisfaction among advised investors, with a score of 748 (on a 1000-point scale). U.S. Bank (738) ranks second and Edward Jones (734) ranks third.

Vanguard ranks highest in overall satisfaction among DIY investors, with a score of 704. Fidelity (703) ranks second and T. Rowe Price (691) ranks third.

“These firms are meeting their clients where they are, whether they want self-directed tools or hands-on support,” said Kapil Vora.

To see the full list of rankings and detailed insights, read the press release.

Read Press Release

What’s Next for Gen Y and Z Wealth Management?

The future of wealth management for this emerging cohort lies in a hybrid model that blends technology with human empathy. As Kapil Vora put it:

“It’s not just about being digital. It’s about being helpful. That’s what younger investors are asking for.”

Firms that recognize and respond to this shift will be better positioned to earn long-term loyalty from the next generation of investors.

See how your firm can benchmark performance and uncover deeper insights with JD Power investor satisfaction data and analytics.

Explore Now

With the Dow Jones Industrial average heading toward its worst April since the Great Depression and the S&P 500 down about 13.9% from its peak in mid-February, following the introduction of a sweeping set of tariffs on imported goods, U.S. investors are understandably concerned about their portfolios. While recent suspensions of some tariffs may have prevented further market declines for now, the continued sense of uncertainty persists. Exactly how serious is investor concern, and how is it affecting their experience with their financial advisors and wealth management firms?

This JD Power Wealth Intelligence Report analyzes data from the JD Power Financial Services U.S. Investor Pulse Survey, which was fielded on April 15 and April 16 to take the pulse of investors in the United States as they navigate this period of market volatility.

Investor Confidence Shaken by Tariffs

On April 2, the Trump administration unveiled a set of tariffs on all imports into the country, and even higher tariffs on goods from about 60 countries or trading blocs that have a high trade deficit with the U.S. While markets had been bracing for tariff action, the scale of the announcement caught many by surprise, and markets reacted sharply, with the S&P 500 dropping more than 10% in the two days following the announcement.

That sudden spike in volatility has put many investors on edge, with many anticipating a tough road ahead as they continue to navigate this period of economic uncertainty. Overall, 56% of investors said: “this is the toughest investment climate I’ve experienced,” while 33% said they’ve experienced worse and 11% were not sure.

When asked whether the tariff news had shaken their confidence in their investments, 40% of investors said they believe the tariffs are hurting their portfolios and making them rethink their strategy. Another 34% said they were not sure, but they were worried about the potential effects of the tariffs. Just more than one-fourth (26%) of investors said they don’t believe the tariffs will affect their investments.

A total of 69% of investors surveyed work with a financial professional (34%) or dedicated financial advisor (35%) to manage their investments, while 25% manage their portfolios on their own and 7% have someone else in their family who looks after their investments. Across the board, investor confidence is highly correlated with professional guidance. Those who work with a dedicated financial advisor are least likely to say that the tariff news is causing them to rethink their strategies, while those who trade/invest on their own without any professional help are most likely to be rethinking their portfolios right now.

 

Quantifying the Effect of Tariffs on Investor Portfolios

When it comes to assessing the short- and long-term effects of the tariffs, 41% of investors believe they will negatively affect their portfolios during the next 12 months and 32% believe they will negatively affect their portfolios during the next five years. Interestingly, 49% of investors believe tariffs will either have a positive effect or no effect at all on their portfolios in the next 12 months and 52% believe the effects will be positive or neutral in the next five years.

 

Seeking Reassurance from Professionals

The lion’s share of investors have received proactive outreach from their advisors in response to the tariffs, with 57% of advisors reaching out via “low-touch” methods such as text messages, emails and letters, and 56% reaching out via “high-touch” methods, such as phone calls, video conferences and in-person meetings. In some cases, advisors reached out via both high-touch and low-touch methods. Despite this widespread multichannel outreach, 18% of investors said they have received no contact from their financial advisors following the tariff announcement. 

Some of those advisor interactions were more effective than others. The majority (52%) of investors said they were reassured by their advisors and believed they were well-guided through this period of volatility, but 31% said they were uncertain and did not feel like they had enough support. Another 7% said they were frustrated and not getting the guidance they need, and 10% were unsure.

 

Among self-directed investors who currently trade/invest on their own without any professional help, 40% indicated they were “probably likely” (27%) or “definitely likely” (13%) to work with an advisor in the next 12 months. That number rises to more than half of younger self-directed investors, including Millennial[1] and Gen Z respondents.

When it comes to taking action in response to the tariff-related volatility, 35% of investors said they are holding off until the market stabilizes, 28% said they are moving into safer assets such as bonds, cash and gold and 25% said they are diversifying their portfolios to spread risk.

 

Crisis Breeds Opportunity

Market shocks like the one we’ve been experiencing throughout the month of April create a moment of truth opportunity for investment professionals to demonstrate their ability to guide clients through a rational, practical process that is not overly swayed by emotion or fear. So far, in response to tariff-related market activity, advisor performance managing those emotions has been mixed. While a little more than half of investors feel like they are getting the guidance they need, there are a lot of people out there right now in a full-blown panic. Advisors need to communicate frequently and effectively to help their clients through these types of challenging market moves.

 

Find out More

This Wealth Intelligence Report is based on responses from 1,190 investors with at least $100,000 in investable assets. It was authored by Mike Foy, managing director of the wealth management practice at JD Power. Please contact us at the numbers below to connect with Mr. Foy or to learn more about the underlying research.

 

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]

Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

 

[1] JD Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2007).

 

The JD Power Financial Advisor Satisfaction Study provides crucial insights into what drives advisor contentment and retention, offering valuable guidance for wealth management firms. Tune in to the July 2024 Financial Services Intelligence Update with Kapil Vora and Miles Tullo to refine your advisor retention strategies and stay ahead in the industry.

Key Insights:

• Employee Advisors: Satisfaction has surged by 49 points this year, thanks to better compensation, advanced technology, and enhanced support systems.
• Independent Advisors: Satisfaction has declined by 15 points, primarily due to leadership issues. Only 46% of independent advisors feel their firm is heading in the right direction, a drop from 54% last year.

Important Takeaways:

• Attrition Trends: Advisors who signal they might leave often do. Conversely, those committed to staying are likely to remain, underscoring the need for early intervention and resolution of concerns.
• Culture and Leadership: Effective firm culture and leadership are critical for retention. Advisors planning to stay rate these factors much higher than those considering leaving. For less tenured advisors, professional development is also key.

 

Where can you find more insights like this?  

The JD Power Financial Advisor Satisfaction Study is a critical tool for understanding and improving the financial advisory industry. This annual study measures the satisfaction levels of financial advisors with their respective firms, focusing on key areas that directly impact advisor performance and retention. The study measures satisfaction based on six key dimensions: compensation, firm leadership and culture, operational support, products and marketing, professional development, and technology.

READ THE LATEST PRESS RELEASE

More About These Experts 

Kapil Vora is the Senior Director of Wealth Intelligence at JD Power. In this role, he is focused on equipping clients with data, analytics, and strategy to make them competitive with today’s investors and financial advisors. He leads research for Investor Satisfaction and Advisor Satisfaction studies.  

Miles Tullo is the managing director of the JD Power Financial Services team. He oversees the company’s consumer payments program, focusing on point-of-sale choice and non-credit card payment methods. Drawing from over 20 years of experience in both payments and mortgage lending, Miles brings valuable expertise to clients.  

Traditionally asset and fund manager marketing and sales messaging focuses strictly on financial performance. But there is a problem with that.

If everyone is talking about the same thing then why should your audience pay attention to you vs. all of your competition.

The Boston University Questrom School of Business recently hosted a conference where industry leaders gathered to discuss the evolving landscape of marketing and digital experience in the asset management space.

At the event, Craig Martin, Executive Managing Director of Wealth Intelligence at JD Power and Jim Cove Chief Marketing Officer of Natixis examined the importance of differentiation, trust, and firm credibility in the rapidly evolving digital environment.

A critical question for the market – how can asset managers effectively differentiate themselves through digital experiences?

Going Beyond Just Performance

Having a point of differentiation is critical to future success in the asset management space and digital is a vital channel to communicate and reinforce what is unique about the asset manager.

• While solid investment returns are vital, they are also expected. Beyond that, Advisors are seeking a partner who helps them improve their business.   
• Among financial advisors who rated their level of trust with an Asset Management partner as one of the highest among their partners, 80% said they were ‘very likely’ to invest with the firm in the future vs. just 15% for those who rated their level of trust average or below.
• Another key trait financial advisors are seeking in a partner is being ‘easy to do business with’. 79% of advisors who give asset management partners top marks on this brand perception said they were ‘very likely’ to invest with the firm in the future vs. just 19% for those who rated their level of trust average or below.

Effective digital strategies that balance all three elements –The Digital Experience Hierarchy.

The Digital Experience Hierarchy

The Digital Experience Hierarchy is a strategic framework measures the effectiveness of investors’  engagement with firms’ digital assets aligning it with investors’ satisfaction, retention, and overall business growth. This hierarchy consists of three levels: Foundational, Findable, and Valuable Elements.

Analysis of 2,500 site evaluations by Financial Advisors who used the asset manager site in the last month, JD Power has discovered that nearly half of experiences do not achieve the “foundational” aspects.

1. Foundational: provides content  and tools that increase product knowledge​ and has useful investment insights and education ​
2. Findable: Easy to navigate and ability to find important content​
3. Valuable: Aesthetically modern while reflecting the brand, is well organized, fast and responsive.

Trust: The Digital Frontier

A poor digital strategy can quickly erode trust, impacting perceptions both now and in the future. Trust isn’t built overnight. Consistent, transparent communication through digital channels can significantly enhance trust which is a critical factor in the decisions Advisors make when it comes to where to invest and who they partner with in the future.

A great digital experience is about understanding the ‘why’ of the end user and ensuring your digital experiences efficiently and effectively enable the end-user to achieve their goals for the site.  No matter how good your content, if it’s difficult to find and engage with then its value is minimized or totally lost. 

About the Author: Craig Martin, the Executive Managing Director of the Wealth and Lending Practice at JD Power, leads data analysis and thought leadership for Auto Finance, Consumer Lending, and Wealth Management industries, driving positive change and superior business outcomes. His insights, featured in numerous publications, address customer experience, satisfaction, and industry challenges.

Generative AI holds promise to revolutionize the wealth management industry, yet the extent of opportunities may be constrained by client and regulatory comfort levels.

Recently, Craig Martin, Executive Managing Director of Wealth and Lending Intelligence at JD Power, lead an insightful conversation with a panel of experts on AI opportunities for the wealth industry at the State of WealthTech conference, hosted by CFA Society New York. The panel included:

• Samuel Deane, President and CEO at Deane Wealth Management
• Yelena Melamed, Head of Product at Catchlight
• Charles Poliacof, Chief Revenue Officer at Module IQ’s

Together, they explored the intersection of AI and personalized financial services. With perspectives from direct client communications, market research and AI­ engineering, the group set out to answer a critical question: how can AI help advisors deliver personalization without adding complexity?

Reflecting on this discussion three key takeaways on how advisors can leverage AI.

 

1. Reimagining the Role of the Advisor

Technology and digital solutions have become increasingly critical to enabling advisor efficiency and empowering more proactive client engagement. The JD Power 2023 Financial Advisor Satisfaction Study uncovered that 28% of advisors feel that they do not have enough time to spend with clients and indicated that too much of their time is being spent on administrative and compliance tasks.

Deployed in the right way, generative AI could be guided to take those administrative and compliance tasks off advisors’ plates, freeing their time to focus on creating deeper client relationships.

 

2. Enhancing Personalization  

Engaging clients with targeted messages that resonate with their unique situation is crucial for advisors to build trust, and AI can be leveraged to streamline  the process of creating and optimizing those communications to give space to create more personal connections.  

• Drafting Communications: AI can assist in composing personalized messages tailored to each client’s needs and preferences.
• Timing and Topic Identification: AI algorithms can determine the best times to communicate with clients and suggest relevant topics based on their interests and behavior.
• Advanced Analysis: Through rapid analysis of complex financial data, AI can facilitate scenario exploration and personalized financial planning.
• Task Automation: AI can automate routine administrative tasks, allowing advisors to focus more on building meaningful relationships with clients.
• Efficiency Boost: By leveraging AI, advisors can save time on manual processes, enhancing productivity and enabling them to dedicate more attention to personalized client interactions.

 

“The biggest impact a financial advisor has is often not in the giving of technical financial advice but in how that advice is received and acted upon by the client, said Craig Martin, Executive Managing Director, Global Head of Wealth & Lending Intelligence at JD Power. “This depends on the ability of both the technology and the advisor to truly personalize the relationship in a meaningful way.”

 

3. Demonstrating Value While Ensuring Trustworthiness

Generative AI and its potential impacts can’t be ignored. Advisors and firms of all sizes need to be clear about what their unique value proposition is to clients and what elements of the relationship can be ‘outsourced’ to technology.  In the JD Power Full-Service Investor study we see that when advisors clearly explain their firms digital capabilities and how clients can use them, 86% strongly agree that their Advisor’s recommendations are in their best interest and that drops to 51% if they aren’t totally clear on digital resources. Clearly communicating to clients where and how AI is and is not leveraged provides the transparency needed to maintain trust.

 

In essence, AI isn’t a magic bullet; it’s a powerful tool that, when wielded effectively, can transform the way financial advisors engage with their clients. While it’s easy to get lost in a sea of jargon and technicalities, Craig Martin clarifies that the biggest impact a financial advisor has is often not in the giving of technical financial advice but in how that advice is received and acted upon by the client. AI can enhance but not replace the relationship between the advisor and clients.

Ready to explore how JD Power’s wealth management experts can help you navigate the intersection of AI and personalized financial services? Contact us today to leverage our insights and industry-leading solutions for your advisory practice.

 

About the Author: Craig Martin, the Executive Managing Director of the Wealth and Lending Practice at JD Power, leads data analysis and thought leadership for Auto Finance, Consumer Lending, and Wealth Management industries, driving positive change and superior business outcomes. His insights, featured in numerous publications, address customer experience, satisfaction, and industry challenges.

Setting the Call Up for Success

More than a quarter of DIY investors reported speaking with a CSR over the phone in the past year, and over half of them navigated through an automated phone system before reaching a live representative. The first hurdle in the journey of a phone call is the automated system. Shockingly, half of the investors surveyed reported having to repeat the same information more than once, leading to a significant 65-point drop in satisfaction on average. Access to a live CSR proved to be another pivotal factor, with satisfaction plummeting by 143 points among investors who found no option to switch directly to a live representative.

 

The Impact of the 5 Key Behaviors

After surveying over 5,000 DIY Investors,  JD Power has found five key behaviors that CSRs must deliver to ensure a great client experience.

• Greet the Client in a Friendly Manner
• Use the Client’s Name
• Have the Client’s Information Ready
• Genuinely Thank the Client
• Give the Client Your Name

 

When a CSR performs all five key behaviors, satisfaction scores soar to 794 out of 1,000. However, when just one key behavior is missed, client satisfaction suffers a significant 93-point drop.

 

Optimizing Your Live Phone Calls

Investment firms are urged to revisit their training, management, and measurement approaches for phone interactions. Ensuring that CSRs consistently deliver these key behaviors is essential for making the most out of phone calls and driving excellent client experiences. In an era where customer satisfaction is paramount, every interaction counts, and optimizing live phone calls is a strategic imperative for investment firms looking to thrive in a competitive landscape.

Want more details on this topic?

• See what insights are included in the 2024 U.S. Self-Directed Satisfaction Study
• Read the latest U.S. Self-Directed Investor Satisfaction Study Press Release
• Talk with our Wealth Management Market Research Experts