A new report by Forrester Research of Boston finds that Canadian investors are more likely to use financial advisors than their U.S. counterparts.

In her report, Ekaterina Walsh, says, “Investors to the north are more likely to use the services of a paid professional financial advisor. Although they don’t contact that advisor more often than their U.S. peers do, Canadians are less self-directed, have a lower risk tolerance, and have less confidence in their financial management abilities.”

Apart from those basic differences between Canadians and Americans, Forrester finds that there are also distinguishing characteristics between those with advisors and those without. It finds, “Advisor clients are more satisfied with their investments. Across North America, investors with an advisor have higher incomes and assets than the go-it-alone types.”

In Canada, those with an advisor average $53,000 in annual income and $265,000 in investable assets; compared with $50,000 and $132,000 respectively, for those without advisors. By contrast, the average U.S. investor with an advisor has US$74,400 in annual income and US$375,000 in assets.

“Contrary to financial advisors’ picture of their prospects as less risk tolerant, advisor clients don’t shy away from risky investments and see themselves as experienced investors,” it says. “Yet what distinguishes investors with an advisor is their need to consult with experts. And advisor clients feel rewarded: They have more faith in their portfolios’ diversification and their investments’ power to outperform the market than their advisorless peers do.”

“Financial advisors must target prospects who fit current clients’ profile and tout this feeling of security as a benefit to advisor services,” it argues.