How we did it
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.”