Rbc Bank

TORONTO (Reuters) - RBC Wealth Management was the top ranked U.S. full service brokerage in terms of investor satisfaction in a study by J.D. Power and Associates.

The study scored firms based on seven factors: investment advisers, investment performance, account information, account offerings, commissions and fees, website, and problem resolution.

Charles Schwab placed second, with high marks for its account offerings and website. Fidelity Investments ranked third, followed by LPL Financial, Edward Jones, Raymond James, Ameriprise Financial, and UBS Financial Services.

All of the top eight firms were above the industry average score for overall customer satisfaction, while Morgan Stanley Smith Barney, Wells Fargo Advisors, Chase Investment Services, and Citigroup, came in below the average.

The study also found that 85 percent of investors do not understand the difference between a suitability standard, where advisers are required to make investments they deem suitable for their clients, and a fiduciary standard, where advisers are required to act in the best interests of their clients.

"Proactive outreach from advisers goes a long way in developing the client-adviser relationship, and expectations as far as frequency of contact have increased coming out of the recession," said David Lo, director of investment services at J.D. Power.

The study was fielded in March and is based on responses from more than 4,200 investors who make some or all of their investment decisions with an investment adviser.