Canadian investors aren’t taking up the mobile platforms offered by self-directed investment firms, a study from J.D. Power says.
Almost two-thirds (64%) of the investors surveyed don’t use their investment firm’s mobile app, the “2018 Canadian Self-Directed Investor Satisfaction Study” says. Less than one-third (31%) have a complete understanding of what’s available on the mobile platform.
“Investment firms in Canada in general are significantly behind the curve when it comes to their mobile app offerings, capabilities and customer engagement,” said Mike Foy, senior director of wealth management practice at J.D. Power, in a release.
In retail banking, 49% of customers use their bank’s mobile services, the survey said.
Among millennials, who are expected to be larger consumers of mobile tools, 36% of those surveyed plan to increase the amount they invest next year. However, 17% said they also planned to change firms.
The study also found a lack of understanding around fees. While 80% of those surveyed have had their fees explained to them, only 44% completely understand them.
BMO InvestorLine ranked the highest for satisfaction, followed by Desjardins Online Brokerage and CIBC Investor’s Edge (tied for second place) and Questrade.
Download the full study here.
The 2018 Canadian Self-Directed Investor Satisfaction Study was fielded in May and June 2018 and is based on responses from more than 2,100 investors who do not work with a financial advisor at their primary investment firm.