Canada’s Big Six banks are struggling to live up to their branch-based financial advisors’ expectations in some critical categories while the advisors themselves are watching their books of business shrink.
June 28, 2017
Canada’s Big Six banks are struggling to live up to their branch-based financial advisors’ expectations in some critical categories while the advisors themselves are watching their books of business shrink.
June 28, 2017At some banks, advisors resemble their brokerage or dealer counterparts; at others, they appear to be positioned much closer to traditional frontline retail bankers
Pablo Fuchs, senior editor with Investment Executive, and Fiona Collie, staff writer, discuss the results of this year’s Report Card on Banks, which show that the Big Six Banks are failing to live up to branch-based advisors’ expectations.
How advisors rated their firms
Surveyed advisors said much work is required in some key areas, such as support for tax planning, compensation, pensions and technology
Advisors have high expectations of their banks' pension plans, but many bemoaned the changes their firms have implemented
Advisors praised their banks' websites and mobile apps for being easy to use and providing clients with access to accounts
Advisors have various reasons for their dissatisfaction with their banks' support for both tax and wills and estate planning
Scotiabank, National Bank and CIBC advisors were quite vocal in their disapproval of changes to their paycheques
Advisors cited technology as one the key areas that their banks could most improve upon
An overall decline in advisors' average AUM and productivity may be signs that all is not right in this channel
This Report Card summarizes data from each of the Brokerage, Dealers' and Bank reports, looking at the trends across the financial advice industry
This year's research reveals how well the Big Six are meeting branch advisors' need for coaching, fair pay and effective tools
Advisor satisfaction across most of the 11 full-service and mutual fund dealers in the Report Card has held steady or improved compared with 2023
The Report Card, which has been published for more than 30 years, explores the concerns and needs of investment advisors in Canada as their firms…