Decreased satisfaction | Finance and investment

The table below shows that for seven firms, both FI and NPS are down this year compared to last year.

Some firms stand out, like SFL Wealth Management, whose NPS went from 23 in 2021 to 47.8 in 2022. Its FI index, that is, the average score obtained across 29 criteria, jumped from 7.3 in 2021 to 8.1 this year. . At IG Wealth Management (IG), the NPS rose from 35 to 66.7 in one year, and the FI index rose from 8.1 to 8.4. Thus, in 2022, these firms will have fewer detractors.

The opposite trend was observed at Quadrus Investment Services and Sun Life Financial (SLF), where our sample of respondents has more detractors than supporters. The NPS Quadrus, which was 6 in 2021, is -10.7 this year, and its FI index has fallen from 7.3 to 6.9. In the SLF, the NPS changes from 0 to -33.3 from 2021 to 2022, and the FI index from 7.4 to 7.0.

SFL advisors give their broker significantly higher marks in 2022 across all technology criteria, as well as its strategic focus, culture and leadership stability. “We are a good organization for mentoring new recruits,” said one respondent. “It seems that with the arrival of André Langlois, senior management is closer to the job than ever,” says another adviser. “There are good opportunities for acquiring blocks of business here. 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 firm’s response to their feedback and its focus on financial planning. “I love coaching as a new consultant,” said one respondent. “For the entrepreneur who wants to do financial planning with the best tools available on the market, IG is the firm for them,” adds another promoter. “There are too many changes in technology right now,” notes a detractor who laments the heaviness.

At Quadrus, a recent reorganization is creating friction affecting the work environment. However, some value “the freedom to choose a product according to customer needs and competitive rewards” (read “Awkward Transition”).

There are consultants at SLF this year who are less satisfied with the strategic direction, leadership stability and some support services. On the other hand, a large number of respondents are satisfied with the firm’s credibility, reputation, and customer acquisition program.

“The organization rarely takes into account the opinion or feedback of its sellers,” argues the detractor. “To stay competitive, we need to transform. This transformation will be a source of fruitful interaction with customers,” wrote Rowena Chan, President of FSL Distribution (Canada) and Senior Vice President, Distribution and Insurance Solutions.

She adds: “To improve the value proposition of consultants, we are investing in and integrating advisor support services, digital tools, forward-thinking products and solutions, compensation and recognition. »

Technical problems

This year, more than ever, the criteria for evaluating technology are taking on a lot of importance in an industry where virtual customer meetings are here to stay. In terms of taking on new clients, expectations for consultants are high and any operational problems are frowned upon despite firms’ efforts in this direction (read ” Landing : expectations are high”).

Moreover, the proliferation of technological tools and the dependence of consultants on them is causing dissatisfaction both in relation to customer relationship management (front office) than administrative functions (back office). On this last point, some respondents regret the lack of support and hope for improvements (see “Various technological problems”).

A sensitive string for consultants, remuneration sometimes produces consultants who are satisfied with the ratio of service offered to remuneration, sometimes respondents who feel they would be better treated elsewhere. In addition, some brokers have made or announced changes to their grid that are sometimes well received and sometimes not (see Compensation: Adjustments in Sight).

Moreover, with hybrid work and remote work, internal communications remain a challenge, and any shortcoming in this area is poorly perceived. Such is the case for this respondent who complains about the rare presence of his regional director in his office: “The slightest request for support turns into a debilitating ordeal of poor communication that can go on for weeks without a response. »

An interesting fact: compared to 2021, respondents place more importance on financial planning support (see “New financial planning tools”), as well as the business block transfer program. Often delicate, these transfers must be well organized. “I bought part of the business. I was warned that the transfer would take three days. It took two months. Clients received letters that they did not have consultants during these two months. It was hell…” — says the respondent. Some respondents are positive Some respondents are positive about the fact that their broker cares about matching the identity of the buyer and the client.

Click on the image below to download the 2022 Multi Broker Ranking PDF.

How did we do it

The 2022 Diversified Brokers rankings were compiled based on responses from both an online survey and telephone interviews conducted by Laurent Boutillier, Emily Fox and Cindia St. Cyr, as well as surveys fromInvestment leaderincluding Alisha Mughals.

The table reflects simple averages of responses by firms. The mean and importance of Quebec correspond to the simple average of all respondents.

Between 17 and 84 eligible advisors per broker responded to the survey, with a total of 460 questionnaires completed from February 28 to May 10, 2022.

In 16.7% of cases, the respondents were women, in 81.6% they were men, and in 1.7% they did not wish to indicate their gender or otherwise identified themselves. In addition, 42.1% of participants work in the Montreal, Laval or Monteregie regions, 21.1% in the Capitale-Nationale region and 36.7% in other regions of Quebec.

The respondents, whom we sincerely thank for their participation, were primarily randomly selected from brokers’ lists of advisors with a representative code, as well as from their representative directory. To be eligible to participate in the survey, consultants must have worked in the industry for at least three years and had a business relationship with their brokerage firm for at least one year. Company executives, executives, and regional or industry managers were not eligible to participate in the survey, and those who responded were excluded.

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

This estimate has no scientific claim. It aims to evaluate consultants’ satisfaction with their firm and to help managers direct their improvement efforts.

Finance and investment