Edward Jones brokers most satisfied-J.D. Power

Fri Oct 22, 2010 10:00am EDT

* Edward Jones tops adviser satisfaction survey-J.D. Power

* Raymond James & Assoc in second place

* Commonwealth Financial Network top for independents

NEW YORK, Oct 22 (Reuters) - Advisers at Edward Jones are the most satisfied with their firm, according to a survey released by J.D. Power on Friday.

This is the third time that the St Louis-based firm has topped the Employee Advisor Satisfaction Survey, which asks advisers to rank their firm in a number of categories including technology, product offerings, compensation and work environment.

Edward Jones has a unique structure among large brokerages. Instead of having offices that house multiple advisers, Edward Jones typically only has one adviser and an administrative assistant in each office.

"We know that minimizing the amount of time the adviser spends on administrative tasks is key to their satisfaction," said David Lo, director of J.D. Power's investment services practice.

When advisers do not have an assistant or have to share an assistant with multiple other advisers, they feel frustrated, said Lo.

Raymond James & Associates, a unit of Raymond James Financial (RJF.N), ranked second in the survey, with advisers particularly pleased with their compensation and the firm's performance.

Bank of America Corp's (BAC.N) Merrill Lynch came in third. Merrill advisers were satisfied with their technology and the products they could offer clients.

Among independent advisers Commonwealth Financial Network topped the rankings, followed by Cambridge Research Advisors.

The annual survey is based on responses from more than 2,800 financial advisers. (Reporting by Helen Kearney; Editing by Steve Orlofsky)

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