The numbers have been tallied and the results are in for the 2009 Brokerage Report Card, and although advisors have been hit hard with a plummeting market, they seem to be handling it in stride.
This year researchers Matthew Laforge, Sarah Phillips and Ashley Spegel spoke with 674 advisors at 16 investment firms and found that despite market conditions, the categories that advisors consider to be of greatest importance have not changed. The freedom to make objective product choices, their firms’ ethics and their firms’ stability were once again in the top three for importance ratings. Toronto-based Richardson Partners Financial Ltd. scored well in all three of these categories, with its advisors praising the firm’s family values and independent model.
New to this year’s report, IE asked advisors to rate their firms on how they were supporting advisors during the market downturn, whether it be through conference calls, e-letters or client events. IE also asked advisors whether they have a discretionary licence; as well to rate both the performance and importance of their firm’s support in that area.
In this years 12-page pull out report, IE writers look at some of the hot topics with advisors including the average advisor and shrinking book sizes, enhanced support services, technology tools and compensation structures that may not be paying off in the downturn.
Some firms had a year of struggles that resulted in scores slipping in a number of categories. Advisors at Winnipeg-based boutique Wellington West Capital Inc. complained of a lack of strategic focus and public image, while those at Vancouver-based Canaccord Capital Inc. still spoke of a tarnished image from the asset backed commercial paper crisis.
On the flipside Toronto-based CIBC Wood Gundy is starting to see some positive results from its advisors, with significant increases in over 20 categories.
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Previous year’s results
The results of previous Brokerage Report Cards are available on our website. Click on one the links below.
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