Rudy Mezzetta
Canadian online brokerages are struggling to keep up with client expectations as do-it-yourself investors have flocked to online investment platforms, according to a study from J.D. Power.
Almost twice as many clients experienced service issues over the last year compared to the previous year, according to the annual study published Thursday.
Increased business at self-directed brokerages “has come with challenges to the stability of platforms as well as the capacity of firms to quickly respond to and resolve client problems,” said Michael Foy, senior director of wealth intelligence at J.D. Power, in a release.
The J.D. Power 2021 Canada Self-Directed Investor Satisfaction Study measured self-directed investors’ satisfaction with their investment firm in seven categories on a 1,000-point scale. National Bank Direct Brokerage ranked highest with a score of 654. Questrade (645)
National Bank tops discount brokerage ranking as industry battles on fees VIDEO SIGN OUT
Anchor
Follow|Archive National Bank Direct Brokerage has emerged the winner in a new scorecard of Canadian discount brokerage offerings.
The review was done by Surviscor, a Toronto-based company that specializes in comparing and rating digital services.
In its review of Canadian discount brokerages, Surviscor compared 15 brokerages. It took into account commissions charged for trading in stocks, exchange traded funds (ETFs) and options. It also considered data costs, interest rates charged on margin loans and general account fees. It calculated those fees for five different hypothetical investors, depending on their number of monthly trades. Each brokerage was assigned a percentage-based score; National Bank Direct Brokerage topped the list with a score of 92 per cent. At the bottom was Interactive Brokers, with a score of 25 per cent.
National Bank sees profit rise as consumers save, invest more - Medicine Hat NewsMedicine Hat News medicinehatnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from medicinehatnews.com Daily Mail and Mail on Sunday newspapers.
National Bank of Canada topped expectations as it reported its first-quarter profit rose more than 20 per cent compared with a year ago, boosted by growth across its business.Profits were up eight . . .