TORONTO, Ontario, April 29, 2015 (GLOBE NEWSWIRE) -- Dalbar releases results for its 2015 Client Experiences with Financial Planners study. The study is part of DALBAR’s Branch Monitor offering; Branch Monitor is a performance measurement program that highlights how well Canada’s leading banks are doing at meeting client needs and shaping the overall client experience. The latest study includes a series of case studies (with mystery shoppers) evaluating the experiences of clients interested in financial planning services at 4 of the 5 Big Banks in Canada. Key findings, processes and practices were uncovered at BMO, CIBC, RBC, and TD.
With a focus on retail banking clients with investable assets of a minimum of $100K, detailed information was gathered about the process of receiving financial planning services, from setting an appointment through to the creation of an actual financial plan. Over 3500 data points were generated that created a rich mosaic of data with which to systematically explore how financial planning services are being offered, and what clients experience through the stages of the advice cycle. Notable findings included:
- TD was rated the highest in terms of locating a financial planner and using the online tool to book an appointment with all requests followed up on within 3 hours.
- CIBC Imperial Service Advisors consistently shared with their clients their title, tenure at the firm, years of experience in financial services and certifications.
- RBC received the highest vote of confidence by mystery shoppers for willingness to recommend the bank to a friend or colleague.
- 100% of the firms asked clients about assets held elsewhere in both the initial information gathering meeting, as well as during the second meeting where the financial plan was presented.
- 75% of clients had to initiate the fee discussion.
“Financial planning is fast becoming a sweet spot for the banks and the intent of our study was to uncover early trends, practices and markers of the financial planning experience that meets the demographic, technological, and regulatory shifts faced by the financial service industry,” said Anita Lo, Vice President, Canadian Practice at Dalbar.
The Financial Planner edition of the study will be available this August to provide meaningful guidance to advisors interested in delivering an exceptional planning experience.
Dalbar, Inc. is the financial community’s leading independent expert for evaluating, auditing and rating business practices, customer service performance, product quality and service. Launched in 1976, Dalbar has earned the recognition for consistent and unbiased evaluations of insurance companies, investment companies, registered investment advisers, broker/dealers, retirement plan providers and financial professionals. Dalbar awards are recognized as marks of excellence in the financial community.