Consumers and Financial Advice - Canada - May 2016
“The introduction of CRM2 and the rise of digital advice channels (including robo-advisory services) are two major forces that are likely to have a significant impact on the financial advisory industry in Canada in the coming years.”
– Sanjay Sharma, Senior Financial Services Analyst
This report examines the following issues:
- Women non-users are more likely to cite insufficient assets while males are more likely to self-manage investments
- Bank advisors most commonly used
- Older and higher-income Canadians trust independent financial advisors most
- Satisfaction levels are high particularly among older women
Financial planning is a process towards achievement of personal goals, needs and priorities through the proper management of a client’s financial affairs. The Canadian financial advice industry is undergoing significant changes with the introduction of new regulatory structures. While there are a plethora of financial planners, advisors and counsellors in the market, there is always demand for quality financial advice. Also, free online tools and robo-advisory services have gained traction in the market, as consumers become more digitally engaged in the search for sources of information and advice.
Canadians, particularly older consumers, are experiencing a huge financial windfall in terms of inheritances and acquisition of financial assets. There is a pressing need for comprehensive portfolio management solutions. But there are issues surrounding trust and quality of financial advice that may prevent some consumers from seeking professional advice. There are also ongoing concerns about the lack of clarity on professional standards required for various types of investment advice.
This Report takes a deeper look at the financial advisory industry in Canada. This Report delves into issues such as usage, reasons for not using an advisor, satisfaction, advisor compensation, use of online advice, perceptions of value-add and general attitudes towards financial advice.
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