TORONTO, June 24, 2019 (GLOBE NEWSWIRE) -- Only one-in-10 Canadians have no fears at all when choosing a financial advisor according to a new Angus Reid poll. For the rest of us, selfishness, fraud and fees cause the most distress when considering a money advisor.
The survey was conducted to support the consumer rollout of Advisorsavvy, a new free service that is akin to Match.com or Homestars but for the financial world, allowing consumers to rate and find ratings for their perfect financial partner.
In the poll, respondents were asked the following question: “when choosing a financial advisor, which of the following factors would you fear most?” Below are the standout findings.
“Selfishly prioritizes their interests ahead of my own” was the top choice of fears at nearly one-in-four (23%), followed by fraud (21%), fees (18%), lack of credentials (14%), lack of experience (7%) and being treated like a number (7%). The slim remainder of consumers are impervious to anguish when choosing a financial advisor (10%).
Designed for consumers to find their match
Advisorsavvy is a free service that helps consumers find, compare and rate local investment, financial and insurance professionals in good standing through a collective knowledge base of online feedback and reviews. It is designed to help consumers cut through the clutter of confusion through an engaged, active and unbiased community.
How it works
The online platform gives consumers a tool to match over a dozen pivotal life moments – such as buying a home, inheritance, having children or change in employment – with the right category of advisor (Financial Planners, Investment Advisors, Insurance Advisors and Financial Coaches). The platform also provides the ability to sort and filter professional advisors by ratings, categories, language, fees, location and over 15 specialties.
Filling a need for consumers during pivotal life moments
The poll also found that one-in-three Canadian adults presently use a financial advisor (34%) while two-thirds do not. Moreover, six-in-10 Canadians don’t know where to find feedback or reviews when researching advisors.
“In general Canadians trust their financial advisors, and there is good evidence that working with an advisor has significant financial benefits,” said Amos. “However, for the majority not using an advisor, as well as those not happy with their current advisor, we felt that few options existed to feel confident in selecting a partner to guide them toward their personal and family financial goals.”
Finally, the Advisorsavvy survey asked which life events were most likely to make Canadians seek professional advice. Death and inheritance topped the list at 28 per cent, followed by a significant investment, such as buying a home at 24 per cent. Other responses far behind included getting anew job, loss of employment, having children and getting married or divorced.
About Advisorsavvy
Advisorsavvy is building an engaged, active and unbiased community of consumers and advisors to help Canadian consumers confidently connect with great financial advisors. Founder, Solomon Amos has spent more-than a decade supporting advisors internationally as well as implementing loyalty programs at Air Miles and leveraging customer experience metrics across brands such as Holt Renfrew, BMO and CIBC.
Survey Methodology
From April 11th to April 13th, 2019, an online survey was conducted among a representative sample of 1087 Canadians who are members of the Angus Reid Forum. For comparison purposes only, the sample plan would carry a margin of error of +/- 3.0 percentage points, 19 times out of 20.
Contact for more information
Emma Ninham
MAVERICK
Office: 416-640-5525 x 239
Mobile: 437-986-5746
Email: emman@wearemaverick.com