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Latest Results of Prime Performance Investment Call Center Satisfaction Survey Revealed

By Jayashree Adkoli
TMCnet Contributor

The latest Prime Performance 2011 Investment Call Center Satisfaction Survey results have been announced. According to the survey report, T. Rowe Price lead in client satisfaction while Vanguard topped in loyalty.

Prime Performance, based in Denver, specializes in measuring the customer experience via live phone interviews and also provides useful tools and training required for financial institutions to elevate the level of service they provide to their clients.

The latest report analyzes results from a survey of more than 2,000 clients who spoke with a call center representative at nine major investment firms, including E-Trade, Fidelity Investments, JP Morgan (News - Alert) Chase, Merrill Lynch, Charles Schwab, T. Rowe Price, TD Ameritrade, Vanguard and Wells Fargo/Wachovia.

According to the survey, T. Rowe Price leads other major investment call centers in client satisfaction. The T. Rowe Price’s clients gave a Net Satisfaction Score of 80 percent, followed by Charles Schwab with 77 percent and Vanguard with 76 percent.

The average Net Satisfaction Score – the percent of satisfied customers minus the percent of dissatisfied customers -- for all the nine firms surveyed was 71 percent.

Apart from scoring highest in overall satisfaction, T. Rowe Price had the highest scores in a number of key demographic categories. It also ranked highest among Gen X and Gen Y clients.

The survey also revealed that Charles Schwab followed in overall client satisfaction, while leading among Boomer and Pre-Boomer clients as well as with clients. And, Vanguard scored third highest in overall satisfaction and first in several other key client measures while TD Ameritrade scored highest in satisfaction among women.

In a press release, Jim Miller, president at Prime Performance, said, “T. Rowe Price, Charles Schwab and Vanguard score high in satisfaction because they are able to meet their clients’ transactional and emotional needs. They score well in making clients feel their business is important, effectively meeting their needs and minimizing the effort required by the clients.”

Miller added, “The emotional aspects are often overlooked in the quest for efficiency, but this is a mistake because clients will remember how the representative made them feel long after they have forgotten the reason for their call. Quick, accurate transactions are crucial, but most firms excel at this. So, it isn’t a competitive advantage.”

The Prime Performance survey results measured precisely how various representative actions affected client satisfaction. Some of these actions include: first contact resolution; wait time; asking questions about financial needs; using client’s name; and more.

To know more about the survey details click here.

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