Investment advisors are experiencing significant growth in their businesses as their books have reached a new all-time high, but dissatisfaction is growing among advisors with bank-owned dealers as the parent banks are exerting unprecedented influence on their brokerage firms.
Pablo Fuchs, senior editor with Investment Executive, and Fiona Collie, staff writer, discuss the results of the Brokerage Report Card 2017. This year, investment advisors with bank-owned investment dealers were unhappy with their firm for several reasons.
Dave Kelly, senior vice president of TD Wealth Private Wealth Management, discusses the significantly higher ratings advisors gave to TD Wealth Private Investment Advice in the 2017 Brokerage Report Card.
Although advisors with bank-owned firms have bigger books and greater productivity on average than those with independent dealers, advisors with independent dealers are more likely to recommend their firms
Other key metrics also shifted: higher-value accounts now make up a growing proportion of the average book fee- and asset-based sources of revenue continue to rise and top performers are driving a shift toward the use of ETFs
Ratings for TD Wealth Private Investment Advice, BMO Nesbitt Burns and ScotiaMcLeod swung dramatically this year for a variety of reasons. Corporate culture, strategy and communication were key points of focus for advisors
A remarkable 71% of investment advisors support the CSA's proposal to introduce a best interest standard due to the need to elevate industry standards across the board and to increase transparency in advisor/client relationships
The enhanced performance and fee disclosure included in client account statements have yet to make the impact many advisors expected - although some advisors point to other reasons for their continued dissatisfaction