Broker Center Advice |
|
Featured Blog
|
|
Special OfferThe Next Oil Boom is Upon Us
The starter's gun for the oil rush was heard on July 18th when BP slapped down $1.75 billion for a piece of Chesapeake Energy's gas field in Oklahoma. The Wall Street Journal correctly identified the deal as "a seminal event." It's time you got on board, don't you think? Learn more here. |
|
Education
Your Online Broker: Are You Getting the Service You Deserve? |
Online brokers: They never call. They never write.
And truly, that can be a good thing for investors who are used to making their own decisions and don’t want to be hassled with sales pitches.
After all, that’s why you choose an online broker in the first place, isn’t it?
But what about when you need your online stockbroker? When you have an important question, or you want to move money, and the web site isn’t working for you?
You want to know your online broker will be there for you, right?
According to a recent J.D. Power and Associates survey of online brokers, customer service is one of the five most important things investors look for when choosing an online broker.
“It isn’t always going to be the cheapest trade that’s going to get you the business,” says David Lo, director of the J.D. Power and Associates survey. “The sensitivity between $7 a trade and $10 a trade isn't much. If you’re providing the premium experience, there’s less sensitivity to the price per trade.”
The Premium Online Broker Experience
So what exactly is the “premium experience?” According to Lo, research tools are key. So is the web site interface (how easy it is to use, how fast, etc.), and of course, price. And customer service ranks right up in the top four.
In fact, Scottrade, the top broker in J.D. Power’s survey, was the only one of two brokers to score top marks on customer service (Vanguard was the other).
Scottrade Spokesperson Kelly Doria attributes the high marks to the firm’s recent investments in beefing up customer service.
“Certainly cost is important,” Doria says. “But everyone in the industry is looking at what more can we offer our customers than low-cost trades. It comes down to overall experience. We’ve hung our hat on having tremendous customer service.”
Scottrade currently has 358 branch offices, and is adding a new branch office about once a week.
Signs of Good Service From Your Online Broker
Beyond branch access, other signs of good customer service include…


