For Financial Services Professionals

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	February 4, 2005 Lessons From Edward Jones' Mutual Fund Debacle Eight Simple Rules For Repairing A Brokerage Firm's Damaged Reputation by Bill Doyle with Ron Shevlin

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Executive Summary

Edward Jones recently disclosed on its Web site that it received tens of millions of dollars from a few fund families for steering brokerage customers to their mutual funds. The apparent conflict of interest threatens Jones' customer-first image. We expect this episode will erode the firm's high ratings for customer advocacy, the key driver of customer satisfaction and future purchase intention. To repair a damaged reputation, brokerage firms like Jones must aggressively demonstrate that they have their customers' best interests at heart. Among our recommendations: Renounce hidden revenue deals; use Web sites to make rates and fees crystal clear and to deliver real choice among mutual funds; offer online trading to signal an end to any paternalistic thinking; and measure advisors for their contribution to customer advocacy at the firm.

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