A remarkably high percentage of Canadians expressed confidence in their financial advisors, according to a recent survey conducted on behalf of Toronto-based Hennick Wealth Management, which operates under the banner of Mackie Research Capital.
In fact, only 3% of Canadians surveyed were dissatisfied with the services they received from their advisors. The findings are consistent with a previous survey Hennick Wealth Management conducted in 2016, which revealed that 95% of Canadians felt confident in their advisors.
“When our first poll showed the Canadians working with financial advisors overwhelmingly approved of the job they were doing, I have to admit I found it hard to believe,” says Adam Hennick, investment advisor at Hennick Wealth Management, in a statement. “But a year later, the results back up my theory that Canadians really are too complacent with their money managers and probably aren’t asking the tough questions.”
One area in which Canadians are showing more financial savvy than before is learning about what their advisors invest in themselves. In the 2016 poll, only 26% of participants had some idea what their advisors invested in and 57% of participants said they hadn’t considered asking.
This year, 33% of participants said they knew what investments their advisors made while 48% were too shy to ask. Women are more likely than men to say they have not asked their advisor about their own investments (54% vs 43%).
“It’s great that more Canadians know what their advisors invest in for themselves,” Hennick adds. “How can you confidently invest with someone who hasn’t successfully invested their own money?”
Toronto-based Environmics Research Group conducted the survey among 1,030 adults from Aug. 26, 2017 to Aug. 31, 2017.