Overall six out of 10 investors received advice from a finance professional at their firm. By contrast, 83 percent of online firms and 70 percent of robo-advisers were rated favorably for their fees. Only 5 percent of the traditional investment firms were rated favorably on costs. Many members were unhappy with the amounts being charged. Traditional investment firm customers were the most uncertain, with 46 percent unsure of their expenses vs.
Given these fee transparency issues, it's not surprising that four out of 10 of those surveyed weren’t sure of their approximate annual costs. Some two-thirds of online investment firms and 43 percent of robo-advisers were rated favorably on fee transparency. Edelman Financial scored well among traditional investment firms, while Vanguard was a standout among online brokerages.īut Consumer Reports members were generally less satisfied with their firm's fee transparency. Only 5 percent of traditional investment firms were rated favorably on this measure. Online firms led in overall satisfaction, with 88 percent of survey participants giving their firm high scores, followed by traditional investment firms (80 percent) and robo-advisers (80 percent). The survey covered traditional investment companies (a group that includes brokerages and investment adviser firms that offer personalized, professional advice to those with diversified portfolios), as well as online firms and robo-advisers. Our members were generally satisfied with the customer service and professional advice provided by their investment companies.
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