News
J.D. Power and Associates 2011 Full Service Investor Satisfaction Study
June 16, 2011 - J.D.Power and Associates today released the results of their 2011 Full Service Investor Satisfaction Study. The study showed that investor satisfaction with full service brokerage firms has improved slightly this year as the market has improved. RBC (814), Charles Schwab (805) and Fidelity (796) topped the list, while three bank BDs (Wells Fargo (746), Chase (704) and Citigroup (670) held sole possession of the lowest satisfaction scores. The survey of 4,200 investors who use full service firms for at least part of their business was conducted in May of this year. You can obtain additional information on this subject from the interactive tables on the JDPower website:
Full Service Investment Firm Ratings
Bloomberg on JD Power Investor Study
J.D. Power and Associates 2011 Retail Banking Satisfaction Study
April 21, 2011 - J.D. Power and Associates recently released the 2011 Retail Banking Satisfaction Study. Overall satisfaction scores decreased dramatically in 2009 and 2010, but this year, overall satisfaction scores are up slightly (by 4 basis points) from 2010. Satisfaction with bank fees, however, is down substantially from last year -- by a whopping 12%. The press release contains an overview of the study, as well as a regional ranking of banks. More...
Sales Quality Research Group names Keena Pettijohn as Senior Project Manager
March 4, 2011 - Jim Rensel, co-founder and president of Sales Quality Research Group, announced today that Keena Pettijohn, a financial services executive from Wellington, Florida, has joined the firm as a Senior Project Manager. Pettijohn has 30 years' experience in the financial services industry, including 17 years in working with several major bank brokerage firms, including Citibank, Fidelity Bank, Corestates, and Astoria Federal. She also held senior management positions with both Marketing One and IFMG. Just prior to joining Sales Quality Group, she served as Senior Vice President and Investment Program Manager for BankUnited in Florida.
Rensel stated, “Keena's extensive experience in establishing and managing investment and insurance sales programs for financial institutions is a welcome addition to the Sales Quality Group Management Team. We expect Keena to be a real asset in helping us market our research services to banks, credit unions and third-party marketing firms primarily on the East Coast and in the Midwest. We also expect Keena to play a key role in helping us introduce several new and innovative services including our new Online Real-time Branch Audit Software System™ and our Branch and Call Center Referral Study™."
In addition to managing several major investment and insurance sales programs for banks, Pettijohn has been instrumental in the development of team and individual performance plans, licensed banker and registered representative training programs, back-office support and on-line processing. Keena holds several securities and insurance licenses (including a General Securities Principal's license - series 24) and is an honor graduate of Ohio State University.
Sales Quality Group Launches Online Branch Audit Services
March 4, 2011 - Sales Quality Research Group, Inc., of Tempe, Arizona, is pleased to announce the 2011 version of its proprietary Online Branch Audit System™. Designed specifically for broker dealers, investment sales programs and TPMs, the highly sophisticated and interactive online system provides a consumer friendly and cost-effective way to conduct branch and OSJ audits, manage the audit process, and generate key reports necessary to comply with applicable legal and regulatory requirements (NASD Rule 3010).
SQG’s Online Branch Audit System™ replaces what has historically been a cumbersome, time-consuming and paper-intensive process with a state-of-the-art, secure, online system providing real-time (24/7) support for auditors, sales managers, program managers and senior management via the Internet. Clients have the choice of designing their own branch audit questionnaire or using a customized version of Sales Quality Group’s model “best practices” questionnaire. Sales Quality Group can also provide experienced auditors to assist clients in conducting their required annual audits. More...
Download Branch Audit System Information PDF
FINRA Survey Identifies Consumer Financial IQ By State
January 25, 2011 - The FINRA Investor Education Foundation has recently completed a massive survey of 28,000+ consumers nationwide to help identify Consumer Financial IQ by State. The study measures the financial acumen of consumers on a variety of subjects across all 50 states. While residents of New York, New Jersey and New Hampshire seem to know the most about money matters, some of the other results may surprise you. The survey data and an interactive state-by-state map can be found at the FINRA website: http://www.usfinancialcapability.org/. Click on the links below to read the reports summarizing the results of the study, plus view a spreadsheet that will allow you to drill down on state-by-state data.
FINRA - IQ Top and Bottom Five States
J.D. Power and Associates Releases 2010 Full Service Investor Satisfaction Study
July 19, 2010 - Despite a considerable improvement in overall investor satisfaction from 2009, investor perceptions of their investment firm as being customer-driven continues to decline, according to the J.D. Power and Associates 2010 U.S. Full Service Investor Satisfaction StudySM released today. The study, now in its eighth year, measures overall investor satisfaction with full service investment firms in seven factors (in order of importance): investment advisor; investment performance; account information; account offerings; commissions and fees; website; and problem resolution.
2010 J.D. Power & Assoc. Investor Ratings List
Sales Quality Research Group Receives Shopper Endorsement
May 7, 2010 - We recently received the following testimonial from one of our shoppers, expressing her appreciation for the training and tools we provide to help our shoppers in doing exceptional quality work for our clients.
Dear Sales Quality Group,
I must say that my success is directly related to the one-on-one training that you require before anyone is able to perform a shop. I have shopped for many other companies, none of which require any type of personal training. Some of the companies, of course, require that you read pages upon pages of literature. Until now, the most I have ever had to do was take a test covering the information I read. It even stated that I could take the test as many times as needed to pass it.
The training you provided is much more beneficial. Suzette took the time to walk me through a shop scenario and let me know what was expected from me as a shopper. She made it very clear what the client was looking for and what information was pertinent to that particular shop. I felt much more prepared, which allowed me to feel comfortable during the shop and to do a better job.
Your quick feedback regarding the survey made me realize even more that our major goal, as a team, is to provide the most accurate and detailed information to the client. Your time and commitment make that goal much easier to achieve. I wanted to thank you for setting me up for success as a shopper.
Thank you for this wonderful opportunity,
Susan H.
J.D. Power and Associates 2010 U.S. Retail Banking Satisfaction Study
April 30, 2010 - Last week J.D.Power and Associates released their 2010 U.S. Retail Banking Satisfaction Study. The study shows a continued decline in customer satisfaction, loyalty and brand appreciation, particularly among the largest banks. However, scores for smaller banks were up. And, once again, customers rated quality of service rendered to be the key driver of satisfaction.
We are pleased to report that eight of Sales Quality Group's Bank clients rated among the top banks in the nation in overall customer satisfaction. Congratulations to Bank of the West, Union Bank of California, Commerce Bank, First Bank, Arvest Bank, BankAtlantic, FirstMerit, and Hancock Bank for your excellent performance in this study.
J.D. Power 2010 U.S. Retail Banking Satisfaction Study
Additional data for selected states can be found in the body of the body of the Press Release text.
2009 Gallup Survey - Who Owns Annuities?
September 17, 2009 - The Committee for Annuity Insurers has just released a fascinating new Gallup Survey of owners of non-qualified tax-deferred annuities. The 38-page report contains a wealth of information about who buys and owns annuities, as well as their attitudes and opinions toward annuities and a wide variety of other retirement topics. Here is a brief summary of the survey results:
Who owns annuities? The 2009 Gallup Survey of Owners of Non-Qualified Annuity Contracts reports that the Americans who have chosen this retirement savings option have moderate incomes (64% have annual household incomes below $75,000, and 80% have annual household incomes below $100,000). Most non-qualified annuity owners are female (58%), and retired (69%). Although their average age is 70, the average age at which owners purchased their first annuity was 52.
Why do Americans own annuities? According to the 2009 Gallup Survey of Owners of Non-Qualified Annuity Contracts, annuities are seen as a way to provide their owners with additional retirement income (76%) and as a financial safety net in case they or their spouse live well beyond their life expectancy (83%).
What do owners think about how important tax deferral is to saving for retirement? Most non-qualified annuity owners believe that they have done a very good job of saving for retirement (91%). Almost nine in ten non-qualified annuity owners agree that keeping the current tax treatment of annuities is a good way to encourage long-term savings (88%), and more than four in five agree that annuities are an effective way to save for retirement (86%).
2009 Gallup Survey of Owners of Non-Qualified Annuity Contracts (pdf)
Website for The Committee of Annuity Insurers
J.D. Power and Associates 2009 Retail Bank Shopping Study
September 8, 2009 - J.D. Powers recently released a new annual survey focusing on how prospective customers shop for and choose a bank or credit union. The survey involved 7,500 consumers who shopped for a new bank or opened a new bank account in the past 12 months. The following press release and 3-minute video provide good insight into those factors that consumers consider to be the most important in choosing a bank. We encourage everyone to take a few minutes to review these materials.
Video: J.D. Power and Associates 2009 Retail Bank Shopping Study
Beware of "Mystery Shopping" Scams
August 14, 2009 - Over the past year, several of our clients have contacted us regarding possible mystery shopping opportunities that turned out to be scams. While you may have heard about these scams on TV reports, we thought you might appreciate seeing what one looks like.
(View the scam documents)
One of our friends recently received the mailer, including a "check" in the amount of $3,747.00. All he had to do was deposit the check, then buy $100 in merchandise from Wal-Mart or another store on the list. The letter claimed he could make up to $580 a week after 3 months and gave a sense of urgency in completing the assignment.
A closer inspection of the documents and "Googling" this online will make it clear that this is nothing more than a huge scam.
Our advice: Never pay money to or accept a check from any company that purports to be in the mystery shopping business without thoroughly checking them out.
FINRA Launches Enhanced Investor Protection and Education Programs
June 24, 2009 - FINRA and AARP recently launched a series of new initiatives aimed at educating and protecting investors - particularly seniors. This program will include a one-hour, broadcast-quality video entitled: "Tricks of the Trade: Outsmarting Investment Fraud". The free video will be released in July but can be pre-ordered from SaveAndInvest, the new project website. The new website also has information about avoiding investment fraud.
Additional information can be found at www.SaveAndInvest.org and at www.finra.org.
J.D. Power and Associates Releases 2009 Retail Banking Satisfaction Study
May 19, 2009 - J.D. Power and Associates has released its 2009 Retail Banking Satisfaction Study. As they have in the past, J.D. Powers provided ranking data by geographic regions of the country. Sales Quality Group is extremely pleased to report that a number of our market research clients ranked among the top banks in their respective regions.
J.D. Power 2009 Retail Bank Satisfaction Report
Additional information can be found online at: http://www.jdpower.com/finance/ratings/retail-banking-ratings
Allstate Consumer Attitudes Survey
May 1, 2009 - Allstate recently commissioned a survey on Consumer's attitudes and concerns about the current financial crisis. The National Journal / Heartland Monitor conducted the survey from April 8-14, 2009.
Read the Survey Results Report
See the Survey Results Summary Presentation by FD
Additional information and a video can be found at the National Journal's website: http://www.nationaljournal.com/njmagazine/cs_20090425_8127.php