J.D. Power ranks Scottrade highest for self-directed investors
Scottrade Inc. came out on top in J.D. Power & Co.’s latest ranking among self-directed investors.
The discount broker, based in West St. Louis County, scored highest in self-directed investor satisfaction, with a score of 787 on a 1,000-point scale. It did particularly well in trading execution as well as in trading charges and fees.
Two other brokerages in the area came out lower in the rankings. Edward Jones ranked 12th with a score of 699, and Wachovia Securities ranked 13th with a score of 691.
Sharebuilder/ING Direct and Charles Schwab ranked second and third in the study with scores of 775 and 773 respectively. The industry average score was 728.
The study measures customer satisfaction based on six performance measures: convenience, account offerings, trading charges and fees, information resources, trade execution and customer service. The study, conducted in August and September, was based on responses from 5,796 investors who make more than half of their investment decisions without the help of an investment adviser.
If they did not have $7 dollar trades they award would go to someone else. When you call one of their local branches and a broker can’t answer a basic question I wonder how they could win this award
I use Scottrade and am highly pleased with my ease of trading and the ease of use on their web site. As advertised they are basically for the trader who does their own research. If you need an advisor on your trades then one of the brokerage houses may be a better choice if you don’t mind paying their commissions. I am a frequent trader and the cost of E-Trade was killing me. When Scottrade came on the market I tried them and have been pleased with the change ever since.