SOURCE: Luxury Institute
August 07, 2008 11:00 ET
New Luxury Institute Brand Trust Survey: Wealthy U.S. Consumers Rate the Most Trusted Retail Brokers: Fidelity Brokerage Services, Charles Schwab & Co., Inc. and Wachovia Securities
NEW YORK, NY--(Marketwire - August 7, 2008) - High net-worth consumers rated Fidelity
Brokerage Services the most trusted retail broker in the new 2008 Luxury
Brand Trust Index (LBTI) survey from the independent New York City-based
Luxury Institute (www.LuxuryInstitute.com). Respondents who said they trust
this firm say it has provided "excellent service and ideas for making
money," "holds the investor's concerns as a priority," and has "your best
interests at heart." Charles Schwab & Co., Inc. and Wachovia Securities
rank second and third, respectively.
"Customer satisfaction has become passé and but the cost of entry,
according to wealthy consumers. Even customer experience metrics are no
longer an adequate measure of a company's value delivery to high net-worth
consumers," said Milton Pedraza, CEO of the Luxury Institute. "Wealthy
consumers agree with author Dov Seidman that it is not enough to outperform
your competition; you have to out-behave them too.
This new Luxury Brand Trust Index measures not only quality, service, and
personnel, but, also the innovation leadership and corporate social
responsibility of each brand, with insightful detailed comments for each.
There are no comparable surveys run by impartial entities that measure high
net-worth consumer ratings of brand trust on the most critical business
model dimensions on quantitative and qualitative levels. It is the
essential marketing, selling and learning tool for retail brokerage brands
in these turbulent times.
Following are the 12 retail brokers rated by wealthy consumers:
1. Ameriprise Financial
2. Bank of America
3. Charles Schwab & Co., Inc.
5. Edward Jones
6. Fidelity Brokerage Services
7. Merrill Lynch
8. Smith Barney
9. TD Ameritrade
10. UBS Financial Services
11. Wachovia Securities
12. Wells Fargo Securities
The proprietary Luxury Brand Trust Index (LBTI) survey is the only measure
of the trustworthiness of leading brands among wealthy Americans. A
national sample of 1,666 wealthy American consumers was surveyed online.
The average income was $348K and the average net-worth was $3.7 million.
The LBTI asks respondents to rate the brands along six "pillars" of brand
-- Trust in brand to deliver superior quality products and offerings
-- Trust in brand to deliver superior customer service
-- Trust in the brand as an innovator and leader in its industry
-- Trust in employees who deliver an exceptional experience
-- Trust in company using the highest legal, ethical and moral standards
-- Trust in the company as a "good corporate citizen"
The survey also measures the key "outcome" metric of bottom line trust in
Finally, qualitative responses are collected by brand to understand why
consumers trust or do not trust each of the brands they are familiar with
as well as what one thing wealthy consumers would change about the brand.
Survey results are weighted to match demographic and net-worth profiles of
the same audience according to the latest Survey of Consumer Finances from
The Federal Reserve.
About the Luxury Institute
The Luxury Institute is the uniquely independent and impartial ratings,
reviews and research institution that is the trusted and respected voice of
the high net-worth consumer. The Institute provides a portfolio of
proprietary publications and research that guides and educates high
net-worth individuals and the companies that cater to them on leading edge
trends, high net-worth consumer rankings and ratings of luxury brands, and
best practices. The Luxury Institute also operates the Luxury Board
(www.LuxuryBoard.com), the world's first global, membership-based online
community for luxury goods and services executives, professionals and
entrepreneurs. To reach the Luxury Institute, please call 646-792-2669 or
go to www.LuxuryInstitute.com.