Many full-service and mutual fund dealer firms are improving how they meet the technology needs of their financial advisors, according to Investment Executive’s 2024 Dealer’s Report Card.
“Years ago, I would have been disappointed [with my firm’s remote tools], but they’ve made strides,” said an advisor with Manulife Wealth Inc. in Atlantic Canada. “I feel fully capable of doing anything remotely.”
“The tools Manulife has given us work, whether I’m on my desktop or my laptop,” said an advisor with the dealer in British Columbia. “The new system [tied to Fidelity Clearing Canada (FCC)] is 100% web-based.”
Performance averages for both the “general technology training & internal IT support” and “support for remote system access & transactions” categories in the Report Card rose over the past year (to 7.8 from 7.4, and to 9.0 from 8.6, respectively). The latter category is also among the top 10 most important categories to advisors.
Three firms’ performance results improved significantly (by half a point or more) in the remote work category: Manulife Wealth showed the biggest year-over-year improvement (rated 7.4 in 2024, up from 6.3 in 2023), followed by Peak Financial Group (9.5, up from 8.6) and Carte Wealth Management Inc. (9.6, up from 8.8).
Advisors with Peak and Carte Wealth said their firms have accepted the reality of remote work. “This is the new world,” said an advisor with Peak in the Prairies.
Some advisors with CI Assante Wealth Management said their dealer needed to address gaps in the remote system. CI Assante was the only firm to see its remote work rating drop year over year, which fell to 8.2 from 8.8.
“You don’t get a ton of support,” said one CI Assante advisor in Alberta. Another advisor, in B.C., said tools from the firm were inadequate and that advisors lacked guidance.
However, several other advisors with CI Assante lauded the firm’s cloud-based, accessible systems. “[When travelling], I can either work offshore with my laptop or leave my book with a fellow advisor in my office,” said an advisor with the dealer in B.C. “It’s excellent.”
Joady Guyot, vice-president of advisor engagement with CI Assante, said the dealer’s systems use security checks such as dual-factor authentication, which can lead to complaints. However, a team is in place to train all branches. Availability can be constrained when several people join a branch, she said, but “we get amazing feedback” on that team.
Most firms’ ratings in the general technology category improved over 2023. Manulife Wealth also posted the category’s largest year-over-year improvement (6.7, up from 5.3); it was followed by Carte Wealth (9.1, up from 8.2), Portfolio Strategies Corp. (7.1, up from 6.2) and Investment Planning Counsel Inc. (IPC; 8.0, up from 7.3).
“I have a person I can talk to any time [and] who I’ve met personally,” said an advisor with Manulife Wealth in Atlantic Canada, who explained that a tech support person has even come to their remote office. “[We’re on a] first-name basis and it’s been great. Support has been excellent.”
Positive sentiments came from advisors with the other three dealers, too. At Portfolio Strategies, for example, an advisor said staff usually resolved technology issues in less than 24 hours. Another Portfolio Strategies advisor said of the dealer, “They are improving all the time and really, really trying.”
But advisors stressed the need for improved guidance when introducing new tools. For example, an advisor with Manulife Wealth in B.C. said, “I think they could make the training easier to find. We’re in a state of flux right now.” (The dealer is implementing FCC’s uniFide digital and back-office tools this year.)
Manulife Wealth has offered “thorough” training on FCC, said Richard McIntyre, president and CEO. These include how-to videos and in-person support for advisors and office managers. Still, McIntyre acknowledged, “there’s a lot of information, and sometimes too much information can be overwhelming.”
At IPC — which was acquired by Canada Life Assurance Co. in 2023 — several advisors said the firm’s resources were solid and improving. One IPC advisor in the Prairies, however, said they were stressed out from learning new systems: “It’s going to be a whole overhaul of [the] back-office. We just did it last year, and we have to do it again.”
Canada Life’s ownership has been positive for IPC’s evolution, said Sam Febbraro, executive vice-president with IPC. But he said day-to-day advisor support remains key, with both online programs and in-person training available. Alongside the recent reintroduction of in-person and in-branch training, he said, IPC also is considering Canada Life’s technology training strategies to enhance its training program.
The one firm with a significantly lower rating for general technology this year was Desjardins Financial Security Investments Inc. (DFS Investments; rated 7.2, down from 7.9 a year ago).
Some advisors with DFS Investments said support is available, and one advisor in Quebec said increased guidance from internal experts is always appreciated. But another DFS Investments advisor in Quebec pointed to issues with the Dataphile platform’s coding and usability.
Improvements regarding Dataphile are planned, said André Langlois, vice-president of Independent Networks sales and distribution, as is the introduction of new portals to help both advisors and clients. Increased training for advisors and their administrative teams was introduced this year.
DFS Investments reviewed its digital plan and resources over the past year, Langlois said: “We are capable of delivering. That has been all shared with the advisor.”
This article appears in the September issue of Investment Executive. Subscribe to the print edition, read the digital edition or read the articles online.