Research for Investment Executive’s 2024 Report Card on Banks was conducted by four research journalists: Emily Fox, Roland Inacay, Diane Lalonde and Alisha Mughal. The researchers interviewed 263 financial planners and advisors across the Big Six banks (by telephone and web) between April 29 and June 21.
All respondents were branch-based employees with the banks’ retail divisions, who focused on selling investment products and managing clients. Only advisors who were registered to sell mutual funds, had worked with their bank for at least one year and had been in the industry for three or more years were interviewed. They were asked to provide ratings only for the services with which they had direct experience.
Participants were asked to provide two ratings for their firm’s services, one for performance and the other for importance, on a scale of zero to 10. A rating of zero means “very poor” or “unimportant,” while a rating of 10 means “excellent” or “critically important.” For the client and asset-related data collected, advisors with Bank of Nova Scotia (BNS) were not included. Unlike other survey respondents, BNS advisors serve assigned groups of clients out of a collective base and could not provide individual book data.
IE removed four categories that were included in past years’ surveys to improve the survey’s relevancy: “support for remote work,” “succession/retirement program,” “bringing new investment products to market” and “diversity, equity & inclusion policies.” The final category in that list was replaced with “diversity, equity & inclusion practices,” with advisors asked to reflect on the actions and hiring practices they see at their banks’ branches. 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 only, without affecting methodology.
Advisors also are asked two supplemental questions each year. This year, respondents were asked: 1) whether their job title had been affected by regulatory changes in Ontario, as of March 28, that affected use of the “financial advisor” title by any who did not hold approved credentials; and 2) to rate, on an ascending scale of zero to 10, where five meant neutral/unsure, whether their bank was making sufficient efforts to increase security and combat cyberattacks.
See how branch advisors rated the Big Six banks in 2024.
This article appears in the October issue of Investment Executive. Subscribe to the print edition, read the digital edition or read the articles online.