Charles Schwab Bank was named the most trusted bank by Investor’s Business Daily (IBD) in its 2023 Most Trusted Financial Companies Survey, marking the first year a bank broke into the annual survey’s top 10 since its inception in 2020. Charles Schwab was also named one of the most trusted investment firms, with consumers ranking Schwab among the top two most trusted financial companies across four categories – ETF/Fund Company, Online Broker, Wealth Management and Banking.
The survey scores financial companies on seven key attributes: financially sound/secure; quality of products/services; ethical business practices; privacy and security of personal data; customer service; prices; and sensitivity to customer needs in the current economic and financial climate.
“Earning and maintaining our clients’ trust is at the core of what we do at Schwab and drives our Through Clients’ Eyes strategy,” said Rick Wurster, president of Charles Schwab. “This recognition is emblematic of the experience we strive to create for our clients every day – a no trade-offs combination of low costs, unparalleled service, and a wide range of services and capabilities that clients expect when entrusting us with their financial futures. We are proud to be a trusted company for those we serve and are honored that so many investors continue to choose Schwab year over year.”
Learn more about Schwab’s commitment to putting clients first.
Conducted from May-July in partnership with TechnoMetrica Market Intelligence, the survey ranks top financial companies across eight business categories: auto insurance, ETF/fund companies, home insurance, online brokers, credit card issuers, wealth management, life insurance, and banking. The study was conducted in two phases, with data collected via online surveys.
In May, 507 consumers participated in the Phase 1 survey, with respondents drawn from visitors to IBD’s Investors.com website and email invitations to IBD readers. Researchers began with 12 trust attributes developed by IBD editors and TechnoMetrica. Based on the Phase 1 results, researchers narrowed the final list to seven attributes for evaluation in Phase 2 and derived the weights of each attribute to calculate the overall customer trust index in Phase 2.
Phase 2 of the survey was conducted in June and July. Using the seven customer trust attributes arrived at in Phase 1, respondents evaluated the company they most often utilize in each of the eight business lines. The Phase 2 survey had 7,597 respondents, with 1,576 coming from the IBD website or email invitations, 2,041 from the WSJ Opinion Leaders Panel, and 3,980 from TechnoMetrica’s network of panel partners.
For each of the 79 companies that met minimum inclusion criteria, researchers calculated seven trust components based on the responses to the Phase 2 survey, and combined the seven component scores, using the weights from Phase 1, to arrive at 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.