Poll: Canadians Still Show Crazy Satisfaction With Advisors
Study: Canadians Continue Crazy Contentment with Investment Advisors
Approval rating of 97% still unbelievably optimistic says insider
Toronto, ON – October XX, 2017 – 2017 has been a year of great change in North America, in leadership, in policy and in investment advice. Surprisingly, in a year full of turmoil Canadians’ confidence in their financial advisors has remained strangely steady, almost unbelievably high.
A survey conducted for Hennick Wealth Management in August shows that an average of only 3% of Canadians who use financial advisors were dissatisfied with the services they received. Those results are almost identical to a survey in 2016 which asked the same questions.
“When last year’s poll showed that Canadians working with financial advisors overwhelmingly approved of the job they were doing, I have to admit I found it hard to believe,” said financial advisor, Adam Hennick, “But this year’s results back up my theory that Canadians really are too complacent with their money managers and probably aren’t asking the tough questions.”
There was one important area where Canadians did see some change -- they now know more about what their financial advisors are invested in. In 2016, only 26% of respondents had some idea what their advisors invest in and 57% of respondents said they hadn’t even thought to ask. This year, 33% of respondents said they knew what their advisors are invested in and only 48% were too shy to ask.
Key Findings of the 2017 Survey
We trust ourselves with our money more than anyone else … especially if we are men
· When asked “Who do you feel is most capable of helping you invest or manage your money most effectively?” 43% of Canadians said “I am” Men were more likely than women to believe in their own financial acumen (47% vs 38%)
All or nothing - Canadians are either complacent or believe they have the best financial advisors in the world
· 37% of respondents say they work with a financial advisor and most appear to be extremely satisfied
· When questioned on various aspects of service, shockingly only an average of 3% indicated they were dissatisfied
· The 2017 survey results were extremely similar to last year, in spite of media reports highlighting questionable sales practices in the financial services industry
Professionals are preferred when making sound financial decisions
· Accountants and financial planners topped the trust pack again at 61% and 60% respectively
· City Counsellors (2%) MP’s (2%) Realtors (3%) and the PM (4%) were at the bottom of the trust heap
· Spouses ranked in the middle at 39%
Canadians are finally bolder when asking questions and/or their advisors are sharing
· Number of Canadians who know about their financial advisors’ personal investment choices rose from 26% to 33%
· Fewer people said they had not asked their advisors about their investments in 2017. (48% vs. 57%)
· Women are more likely than men to say they have not asked their advisor about their own investments (54% vs 43%)
“It’s great that more Canadians know what their advisors invest in for themselves. How can you confidently invest with someone who hasn’t successfully invested their own money,” added Hennick. “Canadian investors need to be comfortable asking these kind of questions, even if it feels awkward. And if you don’t get a straight answer, it might be time to look for a different advisor.”
About the survey
Conducted by the Environics Research Group, this online survey was conducted among 1,030 adults from Monday, August 26th – Thursday, August 31st, 2017. In order to qualify for this survey respondents had to be 18 years of age or older and reside in Canada. A reduced number of 368 adults stated that that they are currently working with a financial advisor. Percentages are calculated on the unweighted bases. Percentages may not add to 100% due to rounding or multiple responses. Where an asterisk (*) appears, it signifies any value of less than one-half percent.