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Investment Products - Canada - January 2018

“Socially responsible investing may be undergoing a rebirth as progressive segments of the population evince a greater interest in ethical screening of investments”
– Sanjay Sharma, Senior Financial Services Analyst

This Report discusses the following key topics:

  • One in 20 Canadians has more than $1 million in investments
  • TD and RBC are the leading choices 
  • SRI more likely to appeal to 18-24s and LGBTQs 
  • Robo-advisors: current usage is low
  • Women and older investors prefer low risk investments

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Table of contents

  1. Overview

      • Definition
        • Regional classifications
          • Income
            • Glossary
            • Executive Summary

                • The issues
                  • One in 20 Canadians has more than $1 million in investments
                    • Figure 1: Breakdown of investments, November 2017
                  • TD and RBC are the leading choices
                    • Figure 2: Financial institutions used for investments, November 2017
                  • SRI more likely to appeal to 18-24s and LGBTQs
                    • Figure 3: Attitudes towards investment products, November 2017
                  • Robo-advisors: current usage is low
                    • Figure 4: Attitudes related to investing, November 2017
                  • Women and older investors prefer low risk investments
                    • Figure 5: Attitudes towards investment products, November 2017
                  • The opportunities
                    • Adapting to a more cautious female investing style
                      • The repackaging of SRI in the age of artificial intelligence
                        • Men more open to using robo-advisors
                          • Figure 6: Willingness to use robo-advisors, by age and gender, November 2017
                        • What it means
                        • The Market – What You Need to Know

                          • Net worth of Canadians continues to climb steadily
                            • Diminished capacity among seniors is a consequence of an aging population
                              • Usage of digital investment tools including robo-advisors is low
                                • The potential impact of cryptocurrencies
                                  • Household debt and home prices biggest risk to Canadian economy
                                  • Market Factors

                                    • Financial snapshot of Canadians
                                      • Net worth of Canadians continues to climb steadily
                                        • Net worth highest in British Columbia
                                          • Asset increases driven by the value of homes
                                            • Mortgages lead growth in overall debt
                                              • Implications of the data
                                                • Diminished capacity among seniors a consequence of aging population
                                                  • Figure 7: Canadian population, by age, 2016
                                                • Usage of digital investment tools including robo-advisors is low
                                                  • Figure 8: Awareness and usage of digital financial products and services, March 2017
                                                • The potential impact of cryptocurrencies
                                                  • Household debt and home prices biggest risk to Canadian economy
                                                    • Canada’s growth expected to top the G7 this year
                                                    • Key Players – What You Need to Know

                                                      • Desjardins, provincial credit unions, Cumis partnering to create Aviso Wealth
                                                        • Regulators raise concerns about some wealth management firms
                                                          • Great-West courts Millennials with program to tackle student debt and save for retirement
                                                            • Wealthsimple teams up with global Fintech firm
                                                              • Mackenzie goes to bat for women with new ETF
                                                                • Canada’s first Bitcoin fund launched
                                                                  • RBC and others join the robo-advisory bandwagon
                                                                  • Industry Developments and Innovations

                                                                    • Desjardins, provincial credit unions, Cumis partnering to create Aviso Wealth
                                                                      • Fidelity Canada to open Toronto trading desk
                                                                        • Regulators raise concerns about some wealth management firms
                                                                          • Great-West courts Millennials with program to tackle student debt and save for retirement
                                                                            • National Bank Direct Brokerage eliminates commissions for US-listed ETFs
                                                                              • BMO to discontinue DSC on all new mutual fund purchases
                                                                                • Mackenzie goes to bat for women with new ETF
                                                                                  • Canada's first artificial intelligence exchange-traded fund hits the market
                                                                                    • Canada’s first Bitcoin fund launched
                                                                                      • Blockchain ETF to be launched
                                                                                        • RBC and others join the robo-advisory bandwagon
                                                                                          • Wealthsimple teams up with global Fintech firm
                                                                                          • Marketing Campaigns

                                                                                            • Selected campaigns from Mintel Comperemedia
                                                                                              • HSBC launches Jade, a luxury service for its “Premier” customers
                                                                                                • Figure 9: HSBC Jade online advertisement screenshot, December 2017
                                                                                              • RBC’s automated ‘MyAdvisor’ introduced
                                                                                                • Figure 10: RBC MyAdvisor, November 2017
                                                                                              • Desjardins emphasizes the value of professional financial advice
                                                                                                • Figure 11: Desjardins Wealth Management online advertisement, December 2017
                                                                                            • The Consumer – What You Need to Know

                                                                                              • One in 20 Canadians has more than $1 million in investments
                                                                                                • TD and RBC are the leading choices
                                                                                                  • Women and older investors prefer low risk investments
                                                                                                    • Robo-advisors: current usage is low, but some are willing to use
                                                                                                      • SRI more likely to appeal to 18-24s and LGBTQs
                                                                                                        • Around a quarter have estimated retirement amount needed
                                                                                                        • Affluence and Ownership

                                                                                                          • One in 20 Canadians has more than $1 million in investments
                                                                                                            • Figure 12: Breakdown of investments, November 2017
                                                                                                          • Around half of Canadians have a RRSP/RRIF and/TFSA
                                                                                                            • Figure 13: Product ownership, October 2017
                                                                                                          • Men are more likely to be millionaires
                                                                                                            • Figure 14: Breakdown of investments, men vs Women, November 2017
                                                                                                          • Men have a higher ownership of many investment products
                                                                                                            • Figure 15: Product ownership (select), men vs women, October 2017
                                                                                                          • Affluence strongly correlates with age
                                                                                                            • Figure 16: Breakdown of investments, by age, November 2017
                                                                                                          • Over-55s have a higher ownership of investments
                                                                                                            • Figure 17: Product ownership, by age, October 2017
                                                                                                        • Competitive Snapshot

                                                                                                          • TD and RBC are the leading choices
                                                                                                            • Figure 18: Financial institutions used for investments, November 2017
                                                                                                          • TD, RBC appeal to a younger clientele, CUs and Independents to older consumers
                                                                                                            • Figure 19: Financial institutions used for investments, 18-44s vs over-45s, November 2017
                                                                                                          • Usage of independents increases among higher income earners
                                                                                                            • Figure 20: Usage of Independent investment company for investments, by annual income, November 2017
                                                                                                          • TD is the clear favourite among Asian Canadians
                                                                                                            • Figure 21: Financial institutions used for investments, Asian Canadians vs overall, November 2017
                                                                                                        • Financial Planning

                                                                                                          • Around half of investors have spoken to a financial advisor
                                                                                                            • Figure 22: Investing activities performed, November 2017
                                                                                                          • Men, Asian Canadians, millionaires and younger investors are more likely to research investment strategies online
                                                                                                            • Figure 23: Investing activities performed, overall population vs millionaires, November 2017
                                                                                                          • Robo-advisors: current usage is low
                                                                                                              • Figure 24: Attitudes related to investing, November 2017
                                                                                                            • Men more open to using robo-advisors
                                                                                                              • Figure 25: Willingness to use robo-advisors, by age and gender, November 2017
                                                                                                            • Robo-advisors: immense potential but could pose challenges for full-service providers
                                                                                                              • Men and Asian Canadians more likely to find investing interesting
                                                                                                              • Investing Styles & Product Preferences

                                                                                                                • Women and older investors prefer low risk investments
                                                                                                                  • Figure 26: Attitudes towards investment products, November 2017
                                                                                                                • Men more likely to invest based on ‘tips’
                                                                                                                  • Adapting to a more cautious female investing style
                                                                                                                    • Chinese Canadians are more likely to agree that ETFs are most cost effective
                                                                                                                      • Figure 27: Attitudes towards exchange traded funds (ETFs), November 2017
                                                                                                                    • SRI more likely to appeal to 18-24s and LGBTQs
                                                                                                                        • Figure 28: Attitudes towards investment products, November 2017
                                                                                                                      • The repackaging of SRI in the age of artificial intelligence
                                                                                                                        • Women are more likely to favour mutual fund investing for inexperienced investors
                                                                                                                        • Retirement and Estate Planning

                                                                                                                          • Around a quarter have estimated retirement amount needed
                                                                                                                            • Figure 29: Retirement and estate planning activities performed, November 2017
                                                                                                                          • Around one in five over-55s has done estate planning
                                                                                                                            • Millionaires are significantly more proactive in retirement and estate planning
                                                                                                                              • Figure 30: Retirement and estate planning activities performed, overall population vs millionaires, November 2017
                                                                                                                          • The Experienced Investor

                                                                                                                              • Experienced investors have a higher ownership of investment products…
                                                                                                                                • Figure 31: Ownership of investments, experienced investors vs overall population, November 2017
                                                                                                                              • … and are more diligent investors
                                                                                                                                • Figure 32: Investing activities performed, experience investors vs overall population, November 2017
                                                                                                                              • Experienced investors have a higher risk tolerance…
                                                                                                                                • Figure 33: Attitudes related to investment products, experience investors vs overall population, November 2017
                                                                                                                              • Advisors catering to experienced investors may require a larger tool-box of skills
                                                                                                                                • Figure 34: Attitudes related to investing, experience investors vs overall population, November 2017
                                                                                                                            • Appendix – Data Sources and Abbreviations

                                                                                                                              • Data sources
                                                                                                                                • Consumer survey data
                                                                                                                                  • Abbreviations and terms

                                                                                                                                  Investment Products - Canada - January 2018

                                                                                                                                  US $4,395.00 (Excl.Tax)