PRACTICE MGMT CDA:Brokers Deal With More Unhappy Clients Wall Street Journal
TORONTO (Dow Jones)--Canadian financial advisers are dealing with more unhappy investors these days, not to mention clients who are turning to other channels like discount brokerages to diversify the management of their portfolios.
Overall investor satisfaction in Canada dropped by 30% to 693 on a 1,000-point scale this year, compared to 2008, according to the 2009 Canadian Full Service Investor Satisfaction Study released Wednesday by J.D. Power and Associates. The study also shows there is a growing trend among investors to switch firms and a reduced tendency to refer their investment firm to others.
The study, conducted among 60 to 100 Canadian investors using full service brokerage firms or private banking and wealth management services, indicate that 10% percent of those surveyed say they are likely to switch firms in the next 12 months, compared with only 6% who were willing to move in 2008.
Only 24% of those surveyed said they "definitely will" recommend their investment firm to others, compared with 32% in 2008.
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Globe and MailPRACTICE MGMT CDA:Brokers Deal With More Unhappy ClientsWall Street JournalAmong the major Canadian banks, discount brokerage penetration is highest in Toronto-Dominion Bank's (TD) TD Waterhouse Private Investment where 65% of Raymond James tops JD Powers' investor satisfaction surveyall 50 news articles »
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