Category: Financial Services|Wealth ManagementCanada

Younger Do-It-Yourself Investors in Canada Seek Human Financial Advice in Uncertain Economy, JD Power Finds

2025-04-02

jillian.breska

TORONTO: 3 April 2025 — Contrary to predictions that fintech innovations like robo advisors and artificial intelligence (AI) would diminish the role of human financial advisors, data indicates otherwise. According to the JD Power 2025 Canada Investor Satisfaction Study,^SM released today, younger do-it-yourself (DIY) investors in Canada—once thought to be leading the shift away from traditional advice—are more receptive to guidance from professional advisors than older generations of DIY investors. Beginning this year, the study has been redesigned and is a combination of the former JD Power Canada Full-Service Investor Satisfaction Study^SM and JD Power Canada Self-Directed Investor Satisfaction Study.^SM

“The study dispels a few myths about the drivers behind investors’ expectations and satisfaction with their investment services providers,” said Kapil Vora, senior director of wealth intelligence at JD Power. “Younger DIY investors are more likely to seek the advice of a financial professional than their older DIY counterparts. Furthermore, very few of those investors say there is sufficient information online to gain investment expertise. This underscores the essential need for accessible and thorough education and guidance, illustrating that technology alone is insufficient to bridge the gap between information and genuine investment confidence.” 

Following are some key findings of the 2025 study:

• Younger DIY investors seek advisors: Nearly one-third (31%) of DIY investors say they are likely to engage with a financial advisor in the next 12 months. The percentage of DIY investors seeking advisory relationships is highest among members of Gen Z[1] (39%) and Gen Y (38%), and lowest among older investors, those in the Gen X (26%) and Boomers/Pre-Boomers (20%).
• Simplicity and enjoyment: Among DIY investors, the primary reasons for managing their own accounts are the enjoyment of managing their own investments and finances (45%) and that their finances and investments are simple enough to manage on their own (35%).
• Traditional wealth management firms missing out on younger investors: While interest in advisory services is high among younger investors, traditional wealth management firms in Canada are disproportionately skewed toward older investors. The percentage of investors younger than age 40 is just 20% at traditional wealth management firms vs. 48% at fintech firms and 28% at banks.
• Importance of ease of doing business: When it comes to the individual dimensions that drive advised investor satisfaction with wealth management firms, ease of doing business (16%) is one of the most critical areas, ranking third, behind trust (20%) and people (19%) as the foundation for a positive investor experience.

Study Rankings

National Bank Financial ranks highest in overall satisfaction among advised investors, with a score of 730 (on a 1,000-point scale). Edward Jones (696) ranks second and iA Private Wealth (692) ranks third.

Wealthsimple ranks highest in overall satisfaction among DIY investors, with a score of 727. Dejardins Online Brokerage (Disnat) (655) ranks second and Questrade (644) ranks third.

The Canada Investor Satisfaction Study has been redesigned. Beginning this year, it is a combination of the former JD Power Canada Full-Service Investor Satisfaction Study^SM and JD Power Canada Self-Directed Investor Satisfaction Study.^SM The redesigned study evaluates the experiences of investors working with a wealth management firm, in either an advised or DIY capacity, in seven dimensions (in alphabetical order): digital channels; ease of doing business; people; product and service offerings; resolving problems or complaints; trust; and value for fees paid. The 2025 study is based on responses from 4,311 advised and 2,417 DIY investors and was fielded from October through December 2024.

For more information about the Canada Investor Satisfaction Study, visit https://www.jdpower.com/business/wealth-management-platform.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Gal Wilder, NATIONAL; 416-602-4092; [email protected]
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

¹JD Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2006). Millennials (1982-1994) are a subset of Gen Y.

Wealth Management Clients in Canada Embrace Mobile Apps and Websites That Deliver Personalized Advice and Guidance, JD Power Finds

2024-11-22

jillian.breska

TORONTO: 26 Nov. 2024 — As wealth management firms in Canada continue to shift their focus and their outward branding away from transactions and trading to a focus on financial empowerment and freedom, clients’ expectations for personalized guidance are growing. According to the JD Power 2024 Canada Wealth Management Digital Experience Study,^SM released today, while some firms are delivering on client demands for personalized experiences on their mobile apps and websites, many more are struggling to get beyond the basics of transactional digital relationships with their clients.

“Almost every wealth management app and website is delivering on the basics of functionality in terms of looking good and being well-organized, but few are leveling up to offer the kinds of digital experiences clients expect from their wealth management firms,” said Craig Martin, executive managing director and global head of wealth and lending intelligence at JD Power. “Of the firms that are going above and beyond by offering proactive guidance, helping clients set personal financial goals and helping them meet those goals, only a small fraction of them have managed to crack the code with websites and apps that reinforce their overarching brand messages.”

Following are key findings of the 2024 study:

• Moving beyond basics of digital functionality: A strong majority of full-service apps (91%); full-service websites (88%); self-directed apps (90%); and self-directed websites (88%) are delivering basic foundational functionality by organizing information in a logical way to convey a clean, modern look and feel. When it comes to delivering truly valuable digital experiences, however, those percentages fall sharply. For example, just 11% of full-service apps and 6% of self-directed apps deliver a valuable user experience that includes proactive guidance, ability to set financial goals and help reaching financial goals.
• More do-it-yourself clients expect personalized guidance: Among self-directed clients, 34% say they “strongly agree” that they expect their wealth management firm’s websites and apps to help them meet their financial goals. Among this group who expect these tools, 40% say they do not “strongly agree” that their firm is delivering on this expectation. This percentage is considerably higher than in the United States where just 30% of clients say they do not “strongly agree” that their firm is delivering on expectations for helping them meet their financial goals.
• Overall satisfaction highest when digital experiences exceed basics: Overall satisfaction scores are substantially higher among both full-service and self-directed clients when websites and mobile apps meet key criteria for delivering beyond foundational levels. Average investor satisfaction is nearly 100 points higher (on a 1,000-point scale) when clients indicate their experience achieves both foundational and findable experiences. Moving to the top of the hierarchy results in truly differentiated experiences, according to clients.
• Data security is crucial: Overall satisfaction scores are heavily influenced by clients’ perceptions of data security. Among full-service clients, customer satisfaction scores are 141 points lower when clients have concerns about their personal information being very secure. Among self-directed clients, scores are 143 points lower when they have concerns about their information being very secure. 

“The messaging of wealth management firms has clearly moved in a direction of education, empowerment and guidance, but if the functionality of digital tools doesn’t match the messaging, JD Power sees a disconnect in the customer experience,” said Jon Sundberg, senior director of digital solutions at JD Power. “For those firms that are delivering on the right message and the right digital experience, their significantly higher overall satisfaction scores translate into increased levels of brand loyalty.”

Study Rankings

BMO ranks highest in overall customer satisfaction with the full-service wealth management digital experience, with a score of 753. TD (746) ranks second and Desjardins (736) ranks third.

Wealthsimple ranks highest in overall customer satisfaction with the self-directed wealth management digital experience, with a score of 754. RBC (719) ranks second and CIBC (696) ranks third.

The Canada Wealth Management Digital Experience Study evaluates customer satisfaction with the wealth management digital experience, inclusive of both apps and websites, based on four factors: visual appeal; navigation; speed; and information/content. This year’s study is based on responses from 4,860 full-service and self-directed investors and was fielded from June through August 2024.

For more information about the Canada Wealth Management Digital Experience Study, visit https://www.jdpower.com/business/jd-power-ca-wealth-management-digital-experience-study-award-information.

About JD Power
JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behaviour, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business.

Media Relations Contacts
Gal Wilder, NATIONAL PR; 416-602-4092; [email protected]
Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]

About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info