Everything’s coming up roses for RBC, TD
The two banks received the highest ratings from advisors, including increases across the board (Includes main chart)
Thursday, June 24, 2010
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Main Chart: How advisors rated their firms
Toronto-based Royal Bank of Canada and TD Canada Trust, the top two deposit-taking institutions rated in last year’s Report Card on Banks and Credit Unions, have maintained their strong positions on top of the leader board in this year’s survey. In fact, both banks received even stronger ratings from their advisors this time around.
Advisors with both banks cited stability and company-wide commitments to customer service among the reasons they rated their respective firms so highly. In particular, advisors were happy with how management had helped guide them through the recent turbulent economic conditions.
RBC advisors gave their firm an improved rating in every single category in this year’s survey. The ratings in seven categories, in particular, were higher by half a point or more. Overall, this vaulted Canada’s largest bank to the top spot with an IE rating of 9.1.
Advisors with RBC gave the firm a perfect score of 10 in “firm’s stability,” the only such score given to any firm in any category in the survey. RBC advisors say the firm’s status as the largest bank in Canada gave clients confidence and reassurance.
In addition, RBC management says that it works hard to communicate with its advisors. This includes hosting frequent conferences and advisor roundtables with senior management, says Michael Walker, vice president and head of branch investments with RBC: “Giving advisors direct access to our top leadership goes a long way.”
RBC advisors also praised their firm’s support services, including support for developing financial plans, for wills and estate planning, and for tax planning. Says an RBC advisor in Manitoba: “I can pick up the phone with a question and get an answer right away.”
RBC advisors also said they appreciate the support, as well as product availability, they get in terms of advising and serving high net-worth clients. “We do look after clients very well and have the ability to get them into different spots as they need it,” says another RBC advisor in Manitoba.
RBC also received strong reviews from its advisors in the “firm’s consumer advertising” category — particularly for the bank’s wide-ranging branding campaign featuring the bowler-hatted “Arbie” character and for RBC’s sponsorship of the 2010 Winter Olympics in Vancouver.
And RBC advisors lauded their firm on its ethics in general, saying they’re given the freedom to make objective product choices for clients. Says an RBC advisor in Atlantic Canada: “[We can be] creative in tailoring solutions to fit individuals.”
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