Most Canadians content with their advisors: survey

Only 3% of Canadians who use financial advisors were dissatisfied with the services they received last year, finds a survey by Hennick Wealth Management. Those results are almost identical to the survey in 2016.

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There was one important area where Canadians did see some change—they now know what their advisors personally invest in. In the first poll, only 26% of respondents had some idea what their advisors invest in, and 57% of respondents hadn’t even thought to ask. A year later, 33% of respondents know what their advisors are invested in, and 48% were too shy to ask.

Read: How the industry can protect vulnerable investors

Here are some additional findings.

37% work with an advisor and are extremely satisfied.
Women are more likely than men to say they have not asked their advisors about their own investments (54% vs. 43%).
Accountants and financial planners were among the most trusted professions, at 61% and 60%, respectively.

About the survey: This online survey was conducted among 1,030 adults from Aug. 26 to Aug. 31, 2017 by the Environics Research Group.

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