Wealth management apps provided by brokerage firms underperform when compared with those provided by consumer financial companies.

The JD Power 2019 US Wealth Management Mobile App Satisfaction Study, however, said that clients are likely to buy additional products and services from wealth management firms if they get the app formula right.

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The study found an average overall customer satisfaction score of 846 on a 1,000-point scale for wealth management mobile apps.

Overall satisfaction with credit card apps scored 872 and retail banking apps 853.

The study also found an overall satisfaction improvement of 43 points regarding the safety of personal information on an app. However, one-third of customers said that their firm misses the mark.

Wealth management apps fail to provide personalised advice and insights

Only half of the respondents said that the app provides personalised advice and insights in spite of offering several features and functionality.

This shows that the experience is often not tailored to reflect the clients’ needs and objectives.

Furthermore, millennials said that the overall mobile app experience is ‘outstanding’, with 77% agreeing that they are likely to opt for additional products and services.

Only 26% of millennials reported lower satisfaction. However, 30% of millennials rated their app as outstanding.

According to the study, 49% of wealth management app users said that the ability to send and receive secure messages was the most important tool provided by the app.

However, 36% of customers said that they do not find this feature very easy to use.

The study, involving 2,892 full-service and self-directed wealth management firm customers, was conducted in July-August 2019.

Charles Schwab and Wells Fargo ranked highest in customer satisfaction with wealth management apps, with each scoring 865. Edward Jones ranked third with 864.

The study evaluates customer satisfaction based on the range of services; clarity of information; ease of navigating app; appearance; and speed of screens loading.

Last month, a JD Power study has found that digital engagement holds the key to driving the relationship between financial advisers and asset management firms.