Continued improvements please advisors

“It’s really about putting clients first,” says a National Bank advisor in Ontario, “and creating the most positive customer experience possible.”

Advisors also appreciate their firms’ corporate cultures, particularly the feeling that their respective firms support advisor development. “There are many options for career advancement,” says a TD advisor in Ontario.

TD, in particular, saw its ratings improve significantly in eight categories, bolstering already strong marks in areas such as “total compensation,” “technology tools and advisor desktop,” and “back office and administrative support.”

TD advisors regard the bank’s stability and strong brand awareness among consumers to be among TD’s most positive aspects. In fact, TD’s survey-topping rating in the “firm’s consumer advertising” category increased to 9.5 this year from 8.8, which also was good enough for the top mark in 2011.

“TD’s branding is everywhere,” says a TD advisor in British Columbia.

TD’s leadership says the firm tries to build in a “call to action” in its consumer marketing, encouraging clients to come into a TD branch to seek advice.

“It’s speaking less about products and more about goals and how you achieve them,” says Sandy Cimoroni, president, TD Mutual Funds, with TD. She adds that the bank tracks its advertising and other marketing programs “deeply” and modifies its message as necessary.

TD advisors say they also are happy with the bank’s corporate culture, and characterize it as being supportive and progressive.

As for CIBC, it saw significantly improved ratings in nine categories; this is a rebound upward from 2011, when many scores had drifted significantly lower year-over-year. As well, CIBC received an “overall rating by advisors” of 8.1 this year vs 7.8 last year.

Among the categories that saw a significant rise were “firm’s stability,” “firm’s strategic focus,” “firm’s image with the public” and “firm’s ethics.”

“We have a great reputation in the community,” says a CIBC advisor in Atlantic Canada. “And [the bank] really recognizes staff who do a good job.”

A CIBC advisor in Ontario praised the bank for improving its shelf of in-house products and for its focus on advisor freedom: “We’re objective; [we’re] not forced into promoting certain products. Management has good strategic focus at this point.”

National Bank advisors gave their bank significantly improved ratings in 10 categories, including “bringing new investment products to market” and “freedom to make objective product choices.”

“There’s a lot of independence,” says a National Bank advisor in Ontario, “even at the branch.”

National Bank also received notably improved scores in “consumer website,” “firm’s consumer advertising”, and public image – indicating that advisors feel the bank is making progress in connecting with its customers.

“National Bank is very client-focused,” says a National Bank advisor in Ontario, “which creates a very loyal base.”

Servus, though, took the cake regarding improvements: its ratings rose by half a point or more in 16 categories, as well as in the overall rating it was given by its advisors (8.1, up from 7.3 last year).

Advisors with the credit union praised its continued improvements in wealth-management support services. As well, they gave their firm improved ratings for strategic focus, “firm’s delivery on promises made” and “firm’s corporate culture.”

Says a Servus advisor in Alberta: “Servus facilitates having a long-lasting strong relationship with clients through its community focus.”

© 2012 Investment Executive. All rights reserved.