Research for Investment Executive’s (IE) 2024 Dealers’ Report Card was conducted by seven research journalists: Emily Fox, Roland Inacay, Aru Kaul, Tiana Kirton, Diane Lalonde, Alisha Mughal and Clayton Tomlinson. The researchers spoke with 435 investment and/or mutual fund advisors across Canada with 11 dealer firms: seven full-service dealers (which employ both investment-focused and mutual fund-focused advisors), and four mutual fund-only dealers.
Research was conducted predominantly via telephone interviews held between Feb. 29 and April 29.
Participants were asked to provide two ratings for their dealer’s services, one for performance and one for importance to their personal business, on a scale of zero to 10. A rating of zero means “very poor” or “unimportant,” while a rating of 10 signifies “excellent” or “critically important.” Advisors were asked only to provide ratings for services with which they had direct experience. All respondents were full-time financial advisors, had worked with their dealer for at least one year, had worked in the industry for at least three years, and were registered with investment and/or mutual fund dealers.
The Report Card series isn’t an awards program or contest, and it isn’t a ranking exercise. It doesn’t base inclusion or results on sales activity, revenue or assets. The project is editorial-driven research based on sentiment, aggregate data and a rigorous methodology.
IE removed two categories this year: “bonus structure” and “diversity, equity & inclusion policies.” Few firms now have robust monetary bonus programs. The new DE&I category is “diversity, equity & inclusion practices,” with advisors asked to reflect on the actions and hiring practices they see at their firms. This category’s results do not objectively measure a firm’s DE&I approach and policies; they are based on advisors’ experiences and sentiments.
Other category names were edited for clarity without affecting methodology.
Advisors are asked two supplemental questions each year. This year, respondents were asked: 1) whether their advisor team had grown within the past year (if they worked on a team with licensed advisors), or whether they planned to join or form a team of licensed advisors (if they worked independently); 2) to rate, on an ascending scale of zero to 10, where five meant neutral/unsure, whether their dealer firm was making sufficient efforts to increase security and combat cyberattacks.