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to “comprehensive and holistic wealth advice and tools.”
Conversely, IE ratings for both Wood Gundy and ScotiaMcLeod improved sig- nificantly year-over-year, by 0.8 and 0.5, respectively, to 8.3 and 8.7. Respondents from both firms consistently praised new and innovative firm leadership.
To help advisors deliver “robust and adaptive” financial plans, ScotiaMcLeod has “invested heavily” in both technology and the team of experts available to them, says Craig Gilchrist, head of the bank- owned brokerage since May 2019. Quality equity selection is key, he adds, but “we have also focused heavily on alternative assets, which has protected capital during the downturn.”
Ed Dodig, managing director and head
How we did it
of CIBC Private Wealth Management and Wood Gundy since April 2019, says in a statement emailed to IE in late March that, despite job cuts planned across CIBC, “We have continued [to] focus on talent for Wood Gundy.”
The performance averages for the 31 categories rated in the 2020 Report Card provide insight for firms hoping to improve: the average rating that fell most year-over-year was for “firm’s succession program for advisors,” while the average that rose the most was for “support for tax planning” — both areas where several firms saw significant changes.
Advisors likely made better use of suc- cession programs: 40.5% of respondents now have documented plans, up from only 28.9% a year ago, when many advisors felt
The performance rating that fell most year-over-year was for “firm’s succession program for advisors”
Investment Executive research
journalists Emily Fox, James Gaughan,
Surina Nath and Swikar Oli spoke
to 634 investment advisors from 14
brokerages: six national independents,
two regional independents and six
bank-owned investment dealers. This
year’s sole addition was Winnipeg-
based Wellington-Altus Private
Wealth Inc. Two Toronto-based
firms have rebranded since last
year: Richardson Wealth, formerly
Richardson GMP Ltd.; and BMO
Private Wealth Canada and Asia,
formerly BMCrOeatNives&bPitrotdBuuctrionnsSIenrvci.ces, 100 YontgheeSyt., h5 aFdlouosr,eTodr,oantnodOrNa, tMe5dC “2WSu1 pport
The research ran from Jan. 2 to
for developing an investment plan for
File: AD SWM ScotiaMcLeod IE 0420 Feb. 14, 2020, and focused on how ad-
Pub.: Investment Executive clients” only if that was separate from
Trim: 9.5” x 7” Safety: n/a visors feel about their firms’ services,
Insertion: April 2020 overall financial planning.
support and programs. The research was completed prior to the Covid-19 crisis in Canada.
they were too young to craft exit plans. Regarding tax planning, four firms (out of the 12 rated in the category) saw significant improvement in their rat- ings and Toronto-based RBC Dominion Securities Inc. once again did well in the category. Advisors across all firms welcomed improvements in this area because they see it as a keystone, hol- istic service. As an advisor in B.C. with Toronto-based TD Wealth Private
“Overall rating by advisors” has been replaced by Net Promoter Score, a tool that gauges loyalty on a -100
to 100 scale. A score over zero is con- sidered good, over 50 is considered excellent and over 70 is considered exceptional. A score below zero indi- cates the presence of more detractors — people who wouldn’t recommend the firm.
The two supplementary questions also were updated. The first question asked whether advisors support the Canadian Securities Administrators’ client-focused reforms and the second asked whether or not advisors start responsible investing discussions with
Investment Advice says, “It’s such a large part of transferring wealth. It should be a pillar we focus on.”
However, given economic and market pressures due to the Covid-19 crisis, firms looking to outshine their peers should focus on supporting struggling advisors. During interviews held in March, several executive teams highlighted their remote work capabilities and recent technological investments. (See story on page 12.)
Boosting mobile access and cus- tomer relationship management tools, as well as remote program bandwidth, is “pretty timely,” not only due to the virus’s workplace impact, but because investors demand it, says Steve Galimi, senior vice president, branch admin- istration, at Montreal-based National Bank Financial Inc. The firm saw signifi- cant year-over-year improvement in its mobile advisor rating (8.6, up from 7.8 in 2019). Mobile tools are “expected by cli- ents [and] expected by the professionals in our business.”
Executives at TD Wealth PIA, which saw its mobile advisor rating rise signifi- cantly (to 7.3, up from 6.5 in 2019), sim- ilarly underlined the need for flexible client service. Now that the Covid-19 crisis has inspired innovation, “you can’t put the genie back in the bottle,” says Craig Meeds, head of private investment advice at TD Wealth PIA. IE
Survey participants gave two
ratings, each out of a total of 10, for
each of the 32 categories on the main
table: one for the firm’s performance
in the category; the other for the im-
portance of the category to their busi-
ness. (See chart on page 10.) A rating
of zero means “very poor” or “un-
important” while a rating of 10 means
“excellent” or “critically important.”
Advisors rated only support services
Bleed: 0.125” Colours: CMYK - 300dpi Deadline: April 16, 2020
Note: N/A Designer: KF Workfront#: 1228344
Now more than ever, ScotiaMcLeod® is here
for you.
The well-being of our clients and team members has always been top of mind. Now more than ever, our enduring small-firm feel backed by big-firm strength is connecting us and helping us mobilize to support Canadians in their communities. Our strong corporate culture sets us apart and gives us a foundation we can rely on, represented by our core values for almost 100 years: respect, integrity, honesty and loyalty.
Connect with us at to learn more about how our culture sets us apart—even in the most challenging times.
® Registered trademark of The Bank of Nova Scotia, used under licence. Scotia Capital Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. For more information visit

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