NEW YORK — St. Petersburg's Raymond James Financial Inc. ranked fifth in a survey of full-service investment firms, according to J.D. Power and Associates. Edward Jones, a St. Louis company with more than 12,000 financial advisers, won the highest ranking in the survey for the second consecutive year.
Edward Jones earned a score of 794 on a 1,000-point scale, up from 784 in 2009, with strong marks for its investment advisers and performance, according to the survey. The average score was 769. Raymond James scored 778.
While overall satisfaction with investment firms has improved from last year, scores for being customer-focused declined, said California marketing services company J.D. Power.
"During the past year, most investors have enjoyed positive short-term gains in their portfolio as a result of the market recovery," said David Lo, director of investment services at J.D. Power. "This has not translated into an improvement in investor sentiment toward their firm" as an increasing number of investors said they believe their company is driven by profits, rather than customer satisfaction.
RBC Wealth Management, a unit of Toronto's Royal Bank of Canada, ranked second with a score of 793, edging out last year's second-place holder, LPL Financial Corp. of Boston, which came in third. Charles Schwab Corp., based in San Francisco, slipped from third to fourth, just ahead of Raymond James Financial.
The lowest-ranked firm was Chase Investment Services Corp., a unit of New York-based JPMorgan Chase & Co., with a score of 739. Thomas Kelly, a spokesman for JPMorgan, declined to comment.
Merrill Lynch & Co./Banc of America Investment Services, Inc., a unit of Bank of America Corp., was next to last after taking the bottom spot in the 2009 survey.