Report Card on Banks 2018: Advisors happy to recommend their banks<\/h2>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Bank of Montreal<\/h2>\n\t\t\t\t\t\t\t

BMO\u2019s advisors are generally happy to recommend that other advisors consider joining their bank. In fact, in eight of the past 10 years, 91.7% or more of advisors surveyed said they would recommend BMO. In 2009, 97.1% of advisors said they would recommend the bank. That metric declined during the next few years, hitting a 10-year low of 84.1% in 2014. By 2017, though, the bank hit a high of 97.9% of advisors saying they would recommend the firm, which corresponded with its highest IE rating of 8.4 during this past decade. Both metrics declined slightly this year to 93.9% and 8.2, respectively, with some advisors hesitant to recommend the bank because of changes happening within their division. <\/div>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\tAuthor: Fiona Collie<\/span>\n\t\t\t\t\t\t\tSource: Investment Executive Research<\/span>\n\t\t\t\t\t\t\tCopyright: Investment Executive<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t

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Report Card on Banks 2018: Advisors happy to recommend their banks<\/h2>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Bank of Nova Scotia<\/h2>\n\t\t\t\t\t\t\t

Three times in the past 10 years, 100% of Scotiabank\u2019s advisors said they would recommend the bank to another advisor. However, that percentage has shrunk significantly in recent years, dropping below the 90% threshold for the first time in 2016, when only 83.3% of advisors said they would recommend the bank. That sentiment corresponded with the bank\u2019s second lowest IE rating of 8.0 within the past decade. The percentage of Scotiabank advisors willing to recommend the bank has increased gradually since, hitting 85.1% in 2018. This year, advisors noted that even though the bank isn\u2019t perfect, it\u2019s still a good place to work, overall.<\/div>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\tAuthor: Fiona Collie<\/span>\n\t\t\t\t\t\t\tSource: Investment Executive Research<\/span>\n\t\t\t\t\t\t\tCopyright: Investment Executive<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t

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Report Card on Banks 2018: Advisors happy to recommend their banks<\/h2>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Canadian Imperial Bank of Commerce<\/h2>\n\t\t\t\t\t\t\t

The percentage of CIBC\u2019s advisors willing to recommend their bank to another advisor has been on the rise for most of the past 10 years. In fact, 2013 marked a low point for CIBC in terms of the percentage advisors willing to recommend the bank, at 82.6%, and in its IE rating of 7.8. Three years later, the bank experienced a turnaround, with 100% of its advisors recommending CIBC, which was also backed up by a 10-year high IE rating of 9.4. Since then, the percentage of CIBC advisors willing to recommend the bank and the IE rating have fallen a little bit, although they remain relatively strong, at 97.9% and 9.0, respectively, in 2018. <\/div>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\tAuthor: Fiona Collie<\/span>\n\t\t\t\t\t\t\tSource: Investment Executive Research<\/span>\n\t\t\t\t\t\t\tCopyright: Investment Executive<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t

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Report Card on Banks 2018: Advisors happy to recommend their banks<\/h2>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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National Bank of Canada<\/h2>\n\t\t\t\t\t\t\t

With one exception, at least 91.3% of National Bank\u2019s advisors said they would recommend the bank during the past 10 years. In 2012, 100% of advisors said they would recommend the bank to another advisor for the second year in a row, while the bank also recorded a 10-year high IE rating of 8.2. Advisors praised National Bank\u2019s corporate culture and wealth-management services that year. The one exception of the past decade was in 2017, when only 89.6% of advisors said they would recommend the bank, which also happened to correspond with National Bank\u2019s lowest IE rating of the decade, at 7.7. However, 2018 has proven to be a bit of a turnaround year as 96% of National Bank\u2019s advisors are willing to recommend the bank because of the career opportunities available to advisors. <\/div>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\tAuthor: Fiona Collie<\/span>\n\t\t\t\t\t\t\tSource: Investment Executive Research<\/span>\n\t\t\t\t\t\t\tCopyright: Investment Executive<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t

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Report Card on Banks 2018: Advisors happy to recommend their banks<\/h2>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Royal Bank of Canada<\/h2>\n\t\t\t\t\t\t\t

RBC\u2019s advisors are more than happy to recommend the bank to another advisor. In fact, 100% of RBC\u2019s advisors said they would do just that in five of the past 10 years. Indeed, with the exception of 2009, when 92.7% of advisors said they would recommend the bank, the average has stayed at 97% or higher, which is a standout in the Report Card. RBC\u2019s IE rating has similarly been consistently strong during the past decade. This year has proven to be no exception as 100% of advisors recommend the bank because of its strong brand and the career opportunities available to advisors. <\/div>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\tAuthor: Fiona Collie<\/span>\n\t\t\t\t\t\t\tSource: Investment Executive Research<\/span>\n\t\t\t\t\t\t\tCopyright: Investment Executive<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t

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Report Card on Banks 2018: Advisors happy to recommend their banks<\/h2>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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TD Wealth Financial Planning<\/h2>\n\t\t\t\t\t\t\t

On the whole, TD\u2019s advisors have been happy to recommend their bank to another advisor during the past 10 years, although the percentage of advisors willing to do so has been declining in recent years. From 2010 to 2014, 100% of TD advisors surveyed said they would recommend the bank. But that metric has been dropping since 2015, hitting a 10-year low of 87.8% in 2018, with advisors expressing frustration with changes at the bank as well as the high expectations management has placed upon them. This dissatisfaction also was evident in TD\u2019s IE rating of 7.7 this year, which was also a 10-year low.<\/div>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\tAuthor: Fiona Collie<\/span>\n\t\t\t\t\t\t\tSource: Investment Executive Research<\/span>\n\t\t\t\t\t\t\tCopyright: Investment Executive<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t

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Report Card on Banks 2018: Advisors happy to recommend their banks<\/h2>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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Overall<\/h2>\n\t\t\t\t\t\t\t

Both the overall average percentage of advisors who would recommend their bank to another advisor and the average IE rating have remained relatively steady during the past 10 years. Interestingly, these two metrics have not moved in lockstep, as is usually the case. More specifically, the average IE rating has increased slightly while the percentage of advisors willing to recommend their bank to another advisor has declined. In 2009, 96.4% of advisors said they would recommend their bank while the average IE rating was 8.1. Despite a few good years, that recommendation percentage has declined gradually, to 93.5% in 2018. Conversely, the average IE rating was 8.3 this year \u2014 the second highest of the past decade. <\/div>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\tAuthor: Fiona Collie<\/span>\n\t\t\t\t\t\t\tSource: Investment Executive Research<\/span>\n\t\t\t\t\t\t\tCopyright: Investment Executive<\/span>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t<\/ul>\n\t\t\t\t\t

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• \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\n\n\n\t\t\t\t\t\t\t\t\t
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• \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\n\n\n\t\t\t\t\t\t\t\t\t
• \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\n\n\n\t\t\t\t\t\t\t\t\t
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  <\/div><\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n

  In fact, 92% or more of advisors surveyed for the Report Card on Banks during the past decade have said they would recommend their bank to another advisor. That these advisors are generally satisfied with the services and work environments their banks offer also is evident in the steady, overall average IE rating they\u2019ve given these banks during the past 10 years. (Each firm\u2019s IE rating is the average of all categories included on the Report Card\u2019s main ratings table<\/a>.)<\/p>\n

  Of course, some advisors have been more hesitant to recommend their bank than others over the years, which is evident when the banks\u2019 individual IE<\/em> ratings are analyzed further. Some banks have seen increases and decreases in these ratings during the past 10 years, and this was particularly evident in 2016. A reason for this could be that this was the year in which Investment Executive<\/em> tightened its criteria for the advisors who participate in this survey. Specifically, IE<\/em> has targeted branch-based financial advisors who work with mass affluent clients, have their own book of business, and focus on investment rather than credit products for the annual Report Card on Banks since 2016.<\/p>\n

  This slideshow compares the percentage of each bank\u2019s branch-based advisors who would recommend their bank to another advisor, and why, vs each bank\u2019s IE<\/em> rating during the past decade.<\/p>\n","protected":false},"excerpt":{"rendered":"

  During the past decade, advisors have been satisfied with the services and work environments their banks offer<\/p>\n","protected":false},"author":38954,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2318,2312],"tags":[3053],"yst_prominent_words":[8326,27703,27702,27701,27700,27699,27698,27697,27696,27695,27435,27432,15,8320,6114,6113,6112,6111,6108,6095],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/353347"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/38954"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=353347"}],"version-history":[{"count":1,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/353347\/revisions"}],"predecessor-version":[{"id":353348,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/353347\/revisions\/353348"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=353347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=353347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=353347"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=353347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}