Dealer firms providing back-office and compliance department staff who collaborate with financial advisors to help get business done in an expeditious manner are the firms winning the most praise from advisors.
In fact, advisors surveyed for this year’s Dealers’ Report Card gave most firms relatively good ratings in both the “back office and administrative support” and “advisor’s relationship with compliance” categories.
More significant is that Calgary-based Portfolio Strategies Corp., Burlington, Ont.-based Manulife Securities, Markham, Ont.-based Worldsource Financial Management Inc. and Toronto-based Assante Wealth Management (Canada) Ltd. all saw their ratings in the back-office category increase by half a point or more, while Portfolio Strategies and Worldsource also saw similar improvements in the compliance category.
A closer look at the results reveals that Portfolio Strategies advisors praised the speed and efficiency of their back office. Last year, problems were attributed to confusion over whom advisors should be contacting with back-office issues, says Mark Kent, president and CEO of Portfolio Strategies. In fact, many advisors had been contacting the head office in Calgary when they should have been contacting the Toronto office.
In turn, Ken Parker, Portfolio Strategies’ chief compliance officer and chief financial officer, attributes the firm’s improved ratings to its clarified protocols: “We’ve tried to make advisor support a little more structured, a little more focused, so they’re getting to the right person faster and they can get the right answers faster.”
Similarly, structure and efficiency are touted as the reasons Manulife advisors were more satisfied this year.
“Our back-office trades are basically glitch-free,” says a Manulife advisor in Atlantic Canada.
Adds a colleague in Ontario: “We have a specific team, so I know who to call. We’ve developed a relationship. They’re efficient and quick.”
Meanwhile, the philosophy adopted by the back-office team at Worldsource – that you catch more flies with honey than with vinegar – appears to be the main reason why that firm’s advisors are more pleased regarding this category.
“They’re fast, good to work with and pleasant,” says a Worldsource advisor in Manitoba. “They’re very busy; but when they get requests, they don’t snap at you.”
Worldsource advisors also praise their firm because it ensures back-office staff are knowledgeable and kept up-to-date on developments in the field.
Says Andy Mitchell, Worldsource’s president and chief operating officer: “Staff is trained any time we launch something new with our back-office platform. We do lunch-and-learns, and we also encourage many of our staff to take industry courses.”
At Assante, the reasons for the increased rating in the back-office category echo those of other firms.
Says an Assante advisor in Ontario: “The timeliness of followups is great, and so is their desire to work with you. Too many back offices are quick to reject things, but I feel like they are on my side. People can call and get things done. They provide a good service.”
When it comes to improvements in compliance, the reasons given by advisors at many firms were similar. Advisors gave praise for compliance staff being so helpful despite their very difficult role.
“It’s tough to meet those standards, but our guys and gals do a fantastic job,” says an advisor in Alberta with Portfolio Strategies. “And on top of that, they’re all very nice and personable.”
A colleague in Alberta also boasted about the regular communication from the chief compliance officer concerning updates to regulations and problematic trends.
Similarly, many Worldsource advisors say their compliance department is the most positive aspect of working at the firm. They view compliance as more of a necessary evil rather than a hindrance to their work.
Says a Worldsource advisor in Ontario: “Compliance is up to date. The [staff] watch everything, which we hate, but it’s necessary.”
Many of these reasons are why advisors with Mississauga, Ont.-based PFSL Investments Canada Ltd. rated their firm at the head of the pack in both the back-office and compliance categories.
Says a PFSL advisor in Atlantic Canada: “They always return your calls right away, and they are there to help.”
Says Jeff Dumanski, PFSL’s president and chief marketing officer: “We try to create a culture in which we are on the same side and have the same goals.”
However, not everything is sunshine and roses in these categories. Advisors with Richmond Hill, Ont.-based Global Maxfin Investments Inc. were once again disappointed with their firm’s back office and compliance.
Says a Global Maxfin advisor in British Columbia: “They need to be better. We get slow responses, they make mistakes and their solutions are slow.”
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