The results of this year’s Report Card on Banks and Credit Unions reveal a startling dynamic: although financial advisors say their firms’ client account statements continue to fail to meet expectations, advisors’ satisfaction with the online access their firms provide for these client accounts is increasing.

“Client account statements” is a category that consistently leaves advisors wanting more from their firms. Ultimately, dissatisfied advisors are echoing their client’s frustrations.

Says an advisor in Ontario with Montreal-based National Bank of Canada: “Clients want clear, easy-to-read and timely statements.”

However, that task seems to be a tall order for the deposit-taking institutions surveyed for this year’s Report Card. In fact, all firms have received varying degrees of negative feedback from their clients — regardless of those firms’ ratings in the client account statements category. Common complaints from clients have ranged from lack of information or being difficult to read to not being timely.

Says an advisor in Ontario with Toronto-based Bank of Montreal: “50% of my clients ask us how to read their mutual fund statements.”

Adds an advisor in Ontario with Toronto-based TD Canada Trust: “I don’t think there’s enough explanation. It leads to a lot of conversations that could be avoided.”

In some cases, clients discontented with their statements have left their firms for another institution. “[Canadian Imperial Bank of Commerce] has lost business because of unclear statements,” suggests an advisor in Ontario with the Toronto-based bank.

Similarly, a significant delay in the delivery of account statements to clients has caused detrimental damage to some advisors’ businesses. Says an advisor in British Columbia with Toronto-based Bank of Nova Scotia: “We have a six-week delay. I lost business because of that.”

On the flip side, it appears that there is much greater satisfaction with the information available to clients online. Overall, advisors rated the “online account access for clients” category significantly higher than hard-copy client account statements. Common compliments from clients regarding the online statements mention user-friendliness, timeliness and access to special features and tools.

“You can do everything online,” says a TD advisor in Alberta. “It has the same information as the paper statement — and there’s more.”

Adds a colleague in Ontario: “We get a lot of compliments. It’s very, very easy — even for those who don’t use computers [much].”

TD advisors, who rated their firm highest in online account access (at 9.4, tied with Toronto-based Royal Bank of Canada), also praised the user-friendliness of TD’s mobile applications.

Says Thomas Dyck, president of TD mutual funds with TD Asset Management Inc. : “TD Canada Trust is a leading retail bank when it comes to providing online access to products and services through iPhone and iPad apps, as well as BlackBerry apps.”

TD’s mobile apps provide clients with access to investment holdings, account balances, orders and real-time market data. Says a TD advisor in Ontario: “[Clients] have a better idea of how they’re doing. They’re pretty happy.”

CIBC advisors also lauded their firm’s online account access and mobile apps. Says a CIBC advisor in B.C.: “24/7 access is what’s important to clients.”

In fact, advisors say, an increasing number of clients are obtaining their account information online. Says a National Bank advisor in Ontario: “A very large demographic of our clients are Internet-savvy and enjoy this option.”

Adds a BMO advisor in Ontario: “Our young and old clients all go online. People want that convenience and independence.”

As a result, firms are adding new features to their online banking websites to attract more clients. In fact, RBC has introduced online financial tools and encourages its clients to go online and get actively involved in their own financial planning. “With more tools and more functionality online,” says Michael Walker, vice president and head of branch investments with RBC, “it allows clients to play around and do some of their own reviews of their accounts.”

RBC is aiming to offer its clients 24/7 access to financial planning information down the line. In fact, Walker says, the bank sees the future of the online environment as a place to “house the clients’ financial plan and all their documents, so that they have access to them in real time.” IE