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Online brokers vs. the market

By Sheyna Steiner · Bankrate.com
Tuesday, February 21, 2012
Posted: 10 am ET

Online brokerages are still keeping investors happy according to the American Customer Satisfaction Index's annual E-Commerce Report released this morning. Not quite as happy as last year however; customer satisfaction is down 3 percent overall.

ASCI attributes the dip in customer satisfaction to the volatility of the stock market.

No matter how much research, slick interfaces and cheap trades brokerages offer, without a cooperative stock market, investors have little reason to turn their frowns upside down.

As you would expect, the big guys, Schwab and Fidelity, lead the pack, followed closely by TD Ameritrade. E-Trade gets a notable mention in the survey for the improvement since 2000. The online broker is up 20 percent since the first year the survey was conducted and is now tied with Schwab and Fidelity in customer satisfaction.

Online Brokerage 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 % change from last year % change from first year
Online brokerage aggregate 72 69 73 76 75 76 78 79 74 78 78 76 -2.6% 5.6%
Charles Schwab 76 72 76 75 71 74 80 82 78 79 80 79 -1.3% 3.9%
E-Trade 66 66 69 71 70 71 74 73 69 74 76 79 3.9% 19.7%
Fidelity NM NM NM NM NM NM 80 84 80 79 78 79 1.3% -1.3%
TD Ameritrade NM NM NM NM NM NM 77 80 71 76 77 78 1.3% 1.3%
All others 70 65 73 77 78 79 77 78 74 78 78 75 -3.8% 7.1%

Source: The American Customer Satisfaction Index and ForeSee

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