The report titled ‘2012 Canadian Full Service Investor Satisfaction Study’ shows that amid global economic uncertainty, the overall investor satisfaction with full service investment firms in Canada averages 720 (on a 1,000-point scale), which is a decline of 13 points from 2011.
Further, the satisfaction among US full service investors has been shown to be on the rise for two consecutive years to 775 in 2012, widening the satisfaction gap between full service investors in Canada and the US to 55 points from 39 points in 2011.
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Commenting on the report, Lubo Li, senior director of the financial services practice at JD Power and Associates said "The difference between U.S. and Canada full service investors is due to the relationship with their investment firm."
"Investors in Canada are less satisfied with their firm, in large part, because their advisor is not keeping them up to date with market trends as much as during the past two years and isn’t demonstrating as much concern for their needs," he added.
While investors in Canada rate their advisor 7.8 (on a 10-point scale), on average, for showing concern for their needs, investors in the US rate their advisor 8.44.
Additionally, investors in Canada rate their advisor 7.43, on average, for promptness in keeping them up to date with market trends, compared with 8.1 among investors in the US.
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By GlobalDataLi further added "Certainly, external factors such as global financial market fluctuations play a role in overall satisfaction, but also present an opportunity for advisors to deepen the relationship with their investors by managing expectations and providing timely advice to navigate the tenuous market."
