Financial Advisors Propelled Morgan Stanley to Top Investment Firm in US CX Index, 2021

Morgan Stanley Wealth Management clinched the top spot among investment firms in the Forrester US Customer Experience Index (CX Index™), 2021, climbing 15 places from last year.

Merrill Lynch Wealth Management climbed 13 places to fourth in our ranking.

What caused these big improvements? One of the main strengths of both is a trained army of financial advisors. Having already established goodwill and trust with their customers over the years, these companies were well placed to meet the needs of their customers as Covid-19 impacted all aspects of their lives.

Amid a global pandemic, market volatility and soaring unemployment, Morgan Stanley’s financial advisers were “virtually there” for clients – the firm was the industry leader in resolving issues quickly. problems and problems. From helping clients find sources of cash to make mortgage payments to simply serving as a sounding board to reassure clients, human advisors have had an outsized impact on the CX Index 2021 rankings.

With no face-to-face appointments with advisors due to quarantine restrictions, video, phone or text interactions have been vital for clients, becoming true “moments that matter”. How customers felt after these interactions was an important emotional factor for Morgan Stanley customers, as the company was the leader in making its customers feel valued.

As the rollout of vaccines continues and the world gradually reopens, successful wealth managers will see the impact Morgan Stanley and Merrill Lynch advisers have had on their clients. I see them building their counseling capabilities with better training and a focus on empathy, empowering counselors to meet clients’ basic needs and make clients feel valued through personal interactions, not just to digital channels. Given Morgan Stanley’s number one ranking, I expect its advisors to enjoy high client retention, more client referrals, and higher business volume.

To learn how to measure and compare journeys to drive emotional engagement, please register with Forrester’s CX North America here.

This post was written by Senior Analyst Vijay Raghavan, and it originally appeared here.