There's too much greed, too much self-interest and too little punishment of wrongdoers.
No, that's not the Washington political process we're talking about--those are investors' top gripes about the brokerage industry.
The Securities Industry Assn. last week released results of a consumer satisfaction survey it commissioned, and the data gave SIA something to crow about, and some crow to eat.
The good news: The telephone survey of 1,505 investors in August and September showed that 71% of investors with a full-service broker were "very satisfied" with the service they get. In addition, 55% of the survey respondents had either a "somewhat favorable" or "very favorable" opinion of the securities industry as a whole.
But the SIA conceded that a "significant minority" of investors--24%--expressed either a "somewhat unfavorable" or "very unfavorable" opinion of the industry. Another 21% said they weren't sure what opinion to have.