Financial advisors rely upon their dealers to provide a solid foundation of key services and support on which to grow their businesses. However, advisors believe there are a few cracks in that foundation as firms are struggling to deliver or meet advisors’ expectations in these key areas.
June 15, 2017Although there have been significant changes to the Report Card, advisors’ ratings, overall, have remained fairly stable since 2008
There’s pressure on advisors’ AUM at some firms, which is impacting their compensation negatively and also often affecting advisors’ views of their dealers
Pablo Fuchs, senior editor with Investment Executive, and Fiona Collie, staff writer, discuss why survey participants believe their dealer firms are failing to meet expectations in some key categories.
With ratings declining in some key areas and fewer advisors prepared to recommend their firms, advisors believe their firms could be doing a lot more to keep them satisfied
How advisors rated their firms
Many advisors bemoan their firms not standing up to the regulators or offering enough support to deal with regulatory changes, and firms struggle to be in compliance
Getting things right in handling advisors' feedback can be a challenge for firms even when they put significant efforts in place to accept and respond to that feedback
Having skilled, experienced and helpful staff with long tenure in the firm goes a long way toward ensuring advisors are satisfied with their dealer firm's back-office department
Much praise was given to dealer firms that have an extensive mutual fund offering and provide access to other products that cater to specific clients
Almost nine in 10 advisors said their dealer firms don't encourage advisors to drop the smallest clients from their books of business. Advisor independence and the need to take care of growing clients' needs were cited as key reasons
This package summarizes data from the Brokerage, Dealers' and Bank reports, looking at trends across the financial advice industry.
Most retail branch advisors and planners were optimistic in this year's report, giving consistent or improved reviews for their banks' support
This annual report explores the priorities of advisors with full-service or mutual fund-only firms across Canada, looking at 11 dealers.
The annual Report Card reveals the priorities and business needs of investment advisors across Canada, assessing 14 investment dealers. Here's a look at advisors' technology,…