Decreased satisfaction | Finance and investment

The table below shows that for seven companies, the FI and NPS index decreased this year compared to last year.

Some firms stand out, such as SFL Wealth Management, whose NPS increased from 23 in 2021 to 47.8 in 2022. Its FI index, ie the average score obtained by 29 criteria, jumps from 7.3 in 2021 to 8.1 this year. In IG Wealth Management (IG), the NPS rose from 35 to 66.7 in one year, and its FI index rose from 8.1 to 8.4. Thus, in 2022, these companies will have fewer enemies.

The opposite trend was observed in Quadrus Investment Services and Sun Life Financial (SLF), where in our sample of respondents there are more opponents than promoters. The NPS Quadrus, which was 6th in 2021, is -10.7 this year, and its FI index is down from 7.3 to 6.9. The SLF NPS varies from 0 to -33.3 from 2021 to 2022, and the FI index from 7.4 to 7.0.

In 2022, SFL advisors give their broker much higher marks on all technological criteria, as well as for its strategic orientation, culture and leadership stability. “We are a good organization for mentoring recruits,” said one respondent. “It seems that with the arrival of Andre Langlois, senior management is getting closer to the industry,” said another adviser. “There are good opportunities to buy business units. However, we became a number after the merger of financial centers “, – points out the third (read the portrait of Andre Langlois).

Compared to 2021, IG respondents are more satisfied with the company’s response to their feedback and its focus on financial planning. “I like to train as a new advisor,” said one respondent. “For an entrepreneur who wants to do financial planning with the best tools available on the market, IG is the company for him,” adds another promoter. “There are too many changes with technology right now,” said the adversary, who regretted the difficulty.

At Quadrus, a recent reorganization creates friction that affects the work environment. However, some value “the freedom to choose the product according to the customer’s needs and the competitive reward” (read “Inconvenient transition”).

This year, SLF has advisers who are less satisfied with strategic direction, leadership stability and some support services. On the other hand, a significant number of respondents are satisfied with the reliability of the company, its reputation and customer engagement program.

“An organization rarely takes into account the perception or feedback from its sales staff,” he said. “In order to remain competitive, we need to transform. This transformation will be a source of fruitful engagement with clients, ”writes Rowena Chan, President of FSL Distribution (Canada) and Senior Vice President of Distribution and Insurance.

She adds: “To improve value offerings for advisors, we invest in and integrate advisory support services, digital tools, promising products and solutions, compensation and recognition. »

Technical problems

This year, more than ever, technology evaluation criteria are becoming increasingly important in an industry where virtual customer meetings remain here. In terms of accepting new customers, advisors have high expectations, and any operational problems are not perceived, despite the efforts of firms in this direction (read ” On landing : expectations are high “).

Moreover, the proliferation of technology tools and the dependence of advisors on them cause dissatisfaction with both customer relationship management (Front office) than administrative functionsauxiliary office). Regarding the latter, some respondents regret the lack of support and hope for improvement (see “Various technological issues”).

Remuneration that is sensitive to counselors sometimes creates counselors who are satisfied with the service / reward ratio, sometimes respondents who think it would be better to treat them elsewhere. In addition, some brokers have made or announced changes to their network, which are sometimes well received, sometimes not (see “Compensation: adjustments in sight”).

Moreover, with hybrid work and remote work, internal communications remain a problem, and any shortcomings in this area are poorly perceived. This is the case of this respondent, who complains about the rarity of his regional director’s office: “The slightest request for support turns into a grueling check of poor communication, which can last for weeks without a response. »

Interesting fact: compared to 2021, respondents attach more importance to the support of financial planning (see “New tools of financial planning”), as well as the program of transfer of business units. These transmissions are often delicate and need to be well managed. “I bought the business. I was warned that the transfer would take three days. It took two months. Clients received letters stating that they had not had consultants during those two months. It was hell… “, – the respondent claims. Some respondents are positive. Some respondents are positive about the fact that their broker cares about the identity of the buyer and the identity of customers.

Click on the image below to download a PDF with the results of the 2022 Multidisciplinary Broker.

How we did it

The broker’s multidisciplinary rating for 2022 was based on responses from both online surveys and telephone interviews with Laurent Butille, Emily Fox and Cindy Saint-Cyr, as well as questionnaires fromInvestment managerincluding Alicia Mughal.

The table shows the simple average values ​​of the respondents’ answers by firms. The average and importance in Quebec corresponds to a simple average for all respondents.

From 17 to 84 relevant advisers per broker responded to the survey, in total, from February 28 to May 10, 2022, 460 questionnaires were completed.

In 16.7% of cases, respondents were women, in 81.6% – men, and in 1.7% – did not want to indicate their gender or identify themselves differently. In addition, 42.1% of participants are registered in the Montreal, Laval or Monterey regions, 21.1% in the Capitale-Nationale region and 36.7% in other regions of Quebec.

Respondents, whom we sincerely thank for their participation, were selected mostly randomly from the lists of advisors who have a representation code provided by brokers, as well as from the directory of their representatives. To be eligible to participate in the survey, advisors must have worked in the industry for at least three years and have a business relationship with their brokerage firm for at least one year. Heads of firms, managers and regional or affiliates were not entitled, and those who responded were excluded.

During the interviews, respondents insisted on the confidentiality of the answers for the sake of transparency.

This assessment has no scientific requirements. It aims to assess the satisfaction of advisors with their company and to help managers focus their efforts on improvement.

Finance and investment