RBC Dominion Securities rated highly for client satisfaction
In a recent Investment Executive Magazine survey of 12,000 Canadian investors, RBC Dominion Securities' clients reported high levels of satisfaction when compared to others in the full-service brokerage, dealer, and banking industries.
Clients were asked to rate their advisors' traits; Professional, Knowledgeable, Trustworthy, Honest, Dependable, Responsive, Communicative, and Innovative. RBC DS advisors received the second highest average score out of the 21 Canadian financial services firms surveyed.
Clients were also asked whether they felt "Comfortable Speaking About Finances" and "Comfortable Discussing Concerns With My Advisor" RBC Dominion Securities' advisors received the highest rating in both of these categories. And when whether they were "Considering Finding a New Advisor" RBC Dominion Securities had the second lowest percentage that said they were.
The survey was conducted by Credo Consulting in partnership with TC Media/ Investment Executive Magazine. From the accompanying article:
“As investors climb the net-worth ladder, they tend to work with more highly trained, more knowledgeable advisors,” says Hugh Murphy, managing director with Credo. “What you see in [this] research is that when the relationships are deeper – and those deeper relationships exist more reliably at the dealer and brokerage level – investors will ascribe greater scores to positive personality traits for their advisors because [these clients] know their advisors better....
DS stood out among the bank-owned brokerages in the survey: 79.2% of survey participants who have a DS advisor described him or her as “professional” and 61.4% described the advisor as “dependable” – the highest ratings among all firms in these categories.
Survey participants with DS advisors gave an average rating of 8.9 to the statement: “I’m comfortable discussing concerns and questions with my financial advisor” – which was tied for the highest rating among the firms.
As well, only 13.7% of survey participants with a DS advisor said they were considering finding a new advisor, the second-lowest ranking in the survey.
DS advisors benefit from their firm’s long-standing commitment to providing clients with comprehensive support services, such as estate and trust, financial, investment and business-owner and business succession planning, says Tony Maiorino, vice president, wealth-management services, in Royal Bank of Canada’s wealth-management division.
“You really are now getting to the point at which the client is looking at the relationship [with his or her advisor],” he says, “and there is a significant gap in the value that they might be receiving elsewhere versus what we’re trying to deliver.”
Investment Executive Report Card on Client Satisfaction 2018- Article
Investment Executive Report Card on Client Satisfaction 2018- Main chart
