Slideshow: Do you know what clients really think? Take our quiz

True or false? Canadians who own life insurance are more likely to change financial advisors than clients who don’t have insurance but work with an advisor.

False. Canadians who own life insurance and related products are less likely to consider changing financial advisors than clients who don’t have insurance but work with an advisor, according to the Financial Comfort Zone Study, a national consumer survey conducted by Credo in partnership with Montreal-based TC Media’s investment group. (TC Media publishes IE.) As well, owners of insurance products are much more likely to ascribe positive attributes — such as “professional,” “trustworthy” and “dependable” — to their advisors than are Canadians who do not own those products.

According to Credo’s Financial Comfort Zone study, which is the most risk-averse province in Canada?

Quebec. Residents of Quebec participating in the survey were more likely than other participating Canadians to say that they had a good understanding of the financial matters they needed to address at their stage in life, and that they avoid financial risk. Further, Quebeckers are more likely to own life and disability insurance products, but less likely to own health insurance, than Canadians in the rest of the country.

True or false? People with lower levels of financial literacy are less receptive to advice that could help them improve their financial health.

True. Although that finding may appear counterintuitive, it is not surprising, says Brandon Bertelsen, research director at Credo. “If you’re not comfortable talking about financial matters in general, and you’re not comfortable talking to your financial advisor,” Bertelsen says, “then you’re not as likely to build that trust relationship with your financial professional.”

True or false? Clients who have wills are more likely to trust and stay with their advisors.

True. Among the Canadians Credo surveyed, those who have a will gave an average score of 7.94 out of 10 for the statement: “I trust my financial advisor completely.” In contrast, Canadians without a will gave the same statement an average score of 7.34. Similarly, the Canadians participating in the survey who had a will gave an average score of 2.47 to the statement: “I’m considering finding a new advisor.” In contrast, survey participants without a will gave the same statement a significantly higher average score of 3.97.

True or false? Clients who hold units of proprietary funds are less likely to be loyal to their advisors.

False. Credo found clients who hold units of proprietary funds are just as likely to recommend their advisor to a family member, friend or colleague as are advised clients overall. Similarly, clients who hold proprietary funds in their portfolio were just as likely to say they consider themselves to be ahead of their expectations for financial well-being relative to clients of the same firm who don’t hold proprietary funds in their portfolio.