How we did it

Investment Executive - - REPORT CARD ON BANKS - — FIONA COL­LIE

canada’s big six banks have large, ar­guably con­fus­ing or­ga­ni­za­tional charts and thou­sands of em­ploy­ees, in­clud­ing fi­nan­cial ad­vi­sors, who work with dif­fer­ent clien­tele based on the ad­vi­sors’ po­si­tions within these cor­po­rate be­he­moths.

There­fore, In­vest­ment Ex­ec­u­tive ( IE) fol­lows strict cri­te­ria when putting to­gether the Re­port Card on Banks in or­der to cut through the bu­reau­cracy and en­sure we’re speak­ing to ad­vi­sors who work at a com­pa­ra­ble level in all the banks.

In or­der to par­tic­i­pate in the sur­vey, ad­vi­sors must work in a bank branch, typ­i­cally ful­fill­ing a fi­nan­cial plan­ning role; have long- term client re­la­tion­ships with mass-af­flu­ent in­di­vid­u­als; and fo­cus pri­mar­ily on in­vest­ments, as op­posed to sell­ing credit prod­ucts.

As well, these ad­vi­sors typ­i­cally are em­ploy­ees of the banks’ re­tail divi­sions — with the ex­cep­tion of the fi­nan­cial plan­ners work­ing at Toronto-Do­min­ion Bank (TD). Even though TD fi­nan­cial plan­ners work in the bank’s branch net­work, they are part of TD Wealth Fi­nan­cial Plan­ning, a unit of TD Wealth Man­age­ment.

Re­gard­less of these ad­vi­sors’ var­ied po­si­tions within the banks’ cor­po­rate struc­tures, the aim of IE’s Re­port Card is to give all these ad­vi­sors a voice.

That voice came through loud- ly i n the rat­ings found i n the Re­port Card’s main ta­ble on page 12. These rat­ings were gath­ered from the re­sults of 300 sur­veys that IE re­search jour­nal­ists Lat­ifa Ab­din, So­phie Allen-Bar­ron, Charles Bossy and Jennifer Cheng con­ducted.

Ad­vi­sors who par­tic­i­pated in the sur­vey pro­vided two rat­ings for each cat­e­gory: one for their bank’s per­for­mance and an­other to sig­nify the im­por­tance of that cat­e­gory to the ad­vi­sor’s busi­ness.

The rat­ings are based on a scale of zero to 10, with zero mean­ing “poor” or “unim­por­tant” and 10 mean­ing “ex­cel­lent” or “crit­i­cally im­por­tant.”

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