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Pure moods commercial drivers#

The Canada Self-Directed Investor Satisfaction Study, now in its 15 th year, evaluates key satisfaction drivers and firm performance among true do-it-yourself investors (those who do not interact with financial advisors). National Bank Direct Brokerage (645) ranks second and Questrade (626) ranks third. Among the Big 5, the average NPS for Millennials is 1, while among other firms, the average NPS is 23 for Millennials.ĭesjardins Online Brokerage (Disnat) ranks highest among self-directed investor firms with a score of 692.

Millennials are increasingly looking beyond banks: Canada’s Big 5 banks still hold a majority of the DIY investor customer base, with the majority being Pre-Boomers/Boomers (55%), yet pure DIY brokerages are gradually taking a bigger share of the business among younger demographics in which the majority of investors is split between Pre-Boomers/Boomers and Millennials.

Nearly one in four (23%) of customers say their firm’s fees are higher than others and only 11% of customers of Big 5 banks say their fees are lower than other firms. Notable, too, is the competitiveness of fees. When a customer doesn’t fully understand fees, satisfaction is 107 points lower. More concerning, 56% of Millennials indicate having incomplete understanding of fees.

Fee understanding remains a problem: Even after the implementation of CRM2 in Canada, 41% of investors say they do not fully understand their brokerage’s fee structure.

Top pain points: The top three reasons for investors switching firms are high costs/fees (30%) better products, tools and services offered by other providers (17%) and poor service (13%).Customer loyalty is even lower among Millennials 2 with only 26% feeling committed to staying with their current investment platform provider and 21% saying they have already decided to switch investment firms or are contemplating the idea. This shortfall in delivering superb customer experience is affecting loyalty and pushing investors to shop around, with 11% saying they are not committed to remaining with their current investment brokerage in the next year. The real danger is longer term, as customers shift their primary wealth relationship away and the better experience builds loyalty to the new firm.”Īccording to the study, 40% of self-directed investors say they have a less-than-seamless experience with their brokerage across channels and contact methods. Firms won’t necessarily see obvious negative effects because customers are not getting rid of their existing account they’re just adding a new one. This less-than-optimal experience greatly increases the odds of customers being open to starting a relationship with another provider, especially if there is an obvious benefit like reduced or no fees. A key issue is that many customers say they aren’t getting a seamless experience across channels. “However, a lot of these customers are having an experience that leaves them ambivalent or negative about the brand. “Many DIY investors in Canada initially turn to their banks for their investing needs because of the perceived ease of adding on to their existing relationship,” says Craig Martin, executive managing director and head of wealth and lending intelligence at J.D. The next issue of Edmonton Journal Headline News will soon be in your inbox. If you don't see it, please check your junk folder. Manage Print Subscription / Tax ReceiptĪ welcome email is on its way.