Firm Ranked First for Third Consecutive Year in Consumer Brokerage and Investor Sector
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--The Charles Schwab Corporation (NYSE:SCHW), a leading provider of financial services for individual investors, independent investment advisors, and employers, announced today that it received the highest customer loyalty ranking in the consumer brokerage and investment sector based on the Satmetrix 2010 Net Promoter® industry rankings. A company’s Net Promoter Score is based on customers’ likelihood to recommend the company’s product or service. Schwab led other brokerage and investment providers with a Net Promoter Score of 46%, 17 points higher than the industry average.
As the financial markets rallied, so did the Net Promoter Scores in the brokerage and investment sector, improving by more than 20 points from 2008. In the wake of the financial recession, customers are placing high value on the reputation and reliability of their brokerage and investment firms. Schwab performed exceptionally well in consumer perception of the firm’s reputation. Schwab also stood out in the area of customer service with many of the company’s promoters making comments about the company’s personalized attention, frequent communications and responsiveness. In addition to its reputation and quality of service, customers also cited Schwab’s easy-to-use Web site and online tools as an additional key reason for their loyalty.
“Receiving the highest Net Promoter Score is a great testament to the exceptional service and value that we have provided to our clients for over three decades,” said Walt Bettinger, Schwab President and CEO. “We appreciate the trust our clients place with Schwab, and we will continue to listen and act on their feedback to exceed the level of service they’ve grown to expect from us. It is the very heart of our strategy to be the firm our clients trust and feel a sense of loyalty to.”
The Satmetrix 2010 Net Promoter industry rankings are based on survey responses from more than 19,500 U.S. consumers nationwide who had purchased products or services within the previous 12 months from the companies they rated. The study includes more than 140 brands across the airline, financial services, insurance, telecommunications, technology, retail, and online services industries. The Net Promoter Score is calculated as the percentage of customers who are promoters, rating the company 9 or 10 on a zero-to-ten point scale, minus the percentage who are detractors, rating 6 or lower. Consumers also rated each company on various aspects of customer experience including product or service features, customer service, and overall value, allowing Satmetrix to analyze drivers of loyalty and performance gaps for each company.
“This is the third year in a row that Charles Schwab is the Net Promoter Score leader in the brokerage and investment category,” said John Abraham, general manager of Net Promoter programs at Satmetrix. “The company was able to maintain its leading Net Promoter Score position through the dramatic market swings by scoring high marks across the board, particularly in terms of its company reputation and product and service features.”
Since 1974, Schwab has remained committed to its role as the champion for the individual investor– giving all customers the power of access to top tools and research with the help and guidance they deserve. In what has been a difficult economic environment, Schwab has enhanced its online offerings, made research timelier and expanded its advice solutions.
About Charles Schwab
The Charles Schwab Corporation (NYSE:SCHW) is a leading provider of financial services, with more than 300 offices and 7.8 million client brokerage accounts, 1.5 million corporate retirement plan participants, 753,000 banking accounts, and $1.4 trillion in client assets. 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. Named "Highest in Investor Satisfaction with Self-Directed Services" by J.D. Power and Associates in 2009, 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 its 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. (0310-2091)
Satmetrix, the Net Promoter Company, delivers customer experience programs that increase retention, repurchase and referrals. Satmetrix is the only company to combine innovative technology and proven expertise to mobilize organizations to act on customer feedback at every touch point. While most programs focus on measuring satisfaction, Satmetrix focuses on creating loyal customers by delivering real-time customer feedback to every employee, developing business processes that create a differentiated customer experience, and identifying key areas for improvement. Some of Satmetrix global clients include Experian, Orange Business Services, Symantec and Virgin Media. In addition to more than 700 enterprise deployments in 40 languages, we offer a range of services for Net Promoter professionals and maintain the online community netpromoter.com. For more information, visit www.satmetrix.com, or call 1-888-800-2313 in the US or +44 (0) 845-371-1040 in Europe.
Net Promoter, NPS, and Net Promoter Score are trademarks of Satmetrix Systems, Inc., Bain & Company, Inc., and Fred Reichheld.