Charles Schwab Ranked #1 in Customer Satisfaction for Third Straight Year
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab was among three firms that earned the highest customer satisfaction score in an independent survey conducted by the American Customer Satisfaction Index (ACSI), leading the online brokerage category for the third year in a row. In the fourth quarter of 2011, the ACSI surveyed online brokerage customers about the quality of products and services available to household consumers in the United States.
“Earning a top spot in the American Customer Satisfaction Index for the third consecutive year is a testament to the effort and focus we place on providing our clients with unrivaled service and value,” said John Clendening, executive vice president, Schwab’s Investor Services. “We know how important it is to investors that their brokerage firm provides them with innovative tools, resources and technology that fit their individual investment needs and help them achieve their financial goals.”
“We strive to make sure our clients have access to the help they need when they need it, whether that is online, over the phone, or in one of our more than 300 branches across the country,” added Andy Gill, executive vice president, Schwab’s Investor Services. “In 2011, our branches held more than 493,000 face-to-face interactions with clients and hosted more than 11,000 educational workshops and events for investors. It’s these personal interactions between investors and our dedicated financial consultants and client-facing representatives that build strong client relationships.”
Among online brokerages, Charles Schwab, Fidelity and E*Trade tied for the top spot with a score of 79. TD Ameritrade posted a score of 78, with an industry average of 76.
The official ACSI press release can be viewed at www.theacsi.org.
About American Customer Satisfaction Index
ACSI reports scores on a 0-100 scale at the national level and produces indexes for 10 economic sectors, 45 industries (including e-commerce and e-business), more than 225 companies, and over 200 federal or local government services. In addition to the company-level satisfaction scores, ACSI produces scores for the causes and consequences of customer satisfaction and their relationships. The measured companies, industries, and sectors are broadly representative of the U.S. economy serving American households.
The American Customer Satisfaction Index uses customer interviews as input to a multi-equation econometric model developed at the University of Michigan's Ross School of Business. The ACSI model is a cause-and-effect model with indices for drivers of satisfaction on the left side (customer expectations, perceived quality, and perceived value), satisfaction (ACSI) in the center, and outcomes of satisfaction on the right side (customer complaints and customer loyalty, including customer retention and price tolerance).
ACSI can be found on the Web at www.theacsi.org
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 8.6 million client brokerage accounts, 1.5 million corporate retirement plan participants, 787,000 banking accounts, and $1.74 trillion in client assets as of Jan. 31, 2012. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and mortgage services and products. More information is available at www.schwab.com and www.aboutschwab.com. (0212-1335)
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