Edward Jones ranks highest among financial services firms when it comes to satisfying its financial advisors, according to a J.D. Power and Associates report released May 2. The study, conducted in January and February, asked 4,000 advisors about job satisfaction in seven categories. Following Edward Jones were Linsco/Private Ledger, A.G. Edwards, Raymond James and Merrill Lynch.

Support services, such as help with compliance work and sales, had a more significant impact on satisfaction than compensation.

Job satisfaction can add up to millions of dollars for the investment firm, the survey found. The typical advisor manages $70 million in assets, and advisors who switch firms take an average of 51 percent of their clients with them. At a typical-size firm with at least 5,000 advisors, each 1 percent improvement in advisor retention translates to a potential $1.75 billion in retained client assets and nearly $20 million in fee revenue, the study states.