Report Card on Banks 2023 main chart
How branch-based financial advisors and planners rated their firms’ performance
How branch-based financial advisors and planners rated their firms’ performance
Branch advisors say institutions aren’t adequately preparing them to use new technology
Advisors recognize the limits of a restricted shelf, but say they’re still able to serve clients
The category saw the biggest rating improvement in the Report Card
Methodology for the 2023 Report Card on Banks
The Big Six are falling short of retail planners’ salary expectations
Amid uncertain economic conditions, allocations are shifting away from equity funds and into fixed-income products
Listening to advisor feedback and adapting strategies drove banks’ Report Card ratings
While advisors say business development support is important, satisfaction levels lag
How branch-based financial advisors rated their firms’ performance
Responsiveness to feedback is important to advisors, but communication gaps remain
Branch-based advisors with the Big Six enjoyed book and client-roster growth
While some advisors have criticized banks for eliminating active selling of third-party products, many are happy with in-house selection
The lowest-rated bank was critiqued on compensation and technology, but it wasn't the only one
Four banks received below-average ratings for their technology tools
We detail the methodology for the Report Card on Banks
Advisors need more support to retain mass-affluent clients with growing wealth
Advisors at certain banks said they didn’t have much to offer in the way of estate planning and financial planning
Product shelves at some banks are changing thanks to the client-focused reforms
Advisors swung sharply toward mutual funds and away from most other products
Advisors’ bonuses are increasingly being tied to client satisfaction
How bank-branch advisors rated their firms
Advisors and planners have some unmet expectations when it comes to their banks’ support services
Some advisors who couldn’t easily work from home expressed frustration
Covid-19 forced the Big Six to improve a perennial sore point in the Report Card on Banks: Technology