Charles Schwab has earned the highest ranking in Investor’s Business Daily’s Most Trusted Financial Companies study, with a trust rating of 92.3. In addition to being ranked the No. 1 overall most trusted financial company and No. 1 in the online broker category, Schwab was also ranked No. 1 for fair pricing and fees, customer service, and customer treatment within the online broker category. Schwab also ranked No. 2 in the wealth management category, with a trust rating of 89.2.
“We are honored that our clients, employees, and communities place such high trust in us every day,” said Walt Bettinger, president and CEO of Charles Schwab. “At Schwab, we look at the world Through Clients’ Eyes and keep that perspective at the heart of everything we do. We are committed to earning the trust and loyalty of those we serve by focusing on our ‘no trade-offs’ approach – delivering a winning combination of low costs, great service, industry-leading technology, and guaranteed satisfaction across every phase of their financial journey. In every decision and every action – whether it’s how we empower people financially, protect client assets, or create a simple and easy client experience – we always strive to make decisions that best serve our clients.”
Learn more about Schwab’s commitment to putting clients first.
The Most Trusted Financial Companies Survey, a collaboration between Investor’s Business Daily and TechnoMetrica Market Intelligence, measures consumers’ trust toward financial companies and ranks the companies objectively.
The areas of trust covered are a company’s commitment to protecting the privacy and security of personal data, quality of products/services, ethical business practices and values, fair prices/fees for products/services, customer service, and customer treatment.
The study includes six business lines: auto insurance, banks, credit card issuers, home insurance, online brokers, and wealth management.
A total of 177 visitors/subscribers to IBD’s Investors.com website participated in the Phase 1 survey in July 2020, and a total of 4,297 IBD website visitors and customers participated in the Phase 2 survey in August 2020. To be included in the ranking, at least 100 respondents had to rate a company except for in the wealth management category, which required at least 75 respondents. Fifty-one companies passed the minimum inclusion criterion.
For each company, Investor’s Business Daily and TechnoMetrica Market Intelligence calculated six trust components based on the responses to the Phase 2 survey. Investor’s Business Daily and TechnoMetrica Market Intelligence computed the component scores by taking the difference between the percentage of respondents assigning a very high or high rating, and the percentage who gave a low or very low rating. For example, if 40% rated a company’s quality of products/services as Very High, 20% High, 9% Low, and 5% Very Low, the calculated trust component for quality (60% less 14%) was 46%.
Using the six component scores and the weights from Phase 1, Investor’s Business Daily and TechnoMetrica Market Intelligence computed each company’s overall Trust Index rating.
About Charles Schwab
At Charles Schwab, we believe in the power of investing to help individuals create a better tomorrow. We have a history of challenging the status quo in our industry, innovating in ways that benefit investors and the advisors and employers who serve them, and championing our clients’ goals with passion and integrity.
More information is available at aboutschwab.com. Follow us on Twitter, Facebook, YouTube, and LinkedIn.
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The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with more than 360 offices and 14.1 million active brokerage accounts, 1.7 million corporate retirement plan participants, 1.5 million banking accounts, and $4.11 trillion in client assets as of June 30, 2020. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. 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 Schwab Advisor Services. Its banking subsidiary, Charles Schwab Bank (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at www.aboutschwab.com.
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