Personal Investor: Is your mobile broker keeping up with the times?
A new mobile brokerage review finds Canadian investors are ready to cut the cord. Doing what you want, from where you want, has become a fact of life.
Problem is, the big brokerages are having trouble letting go.
According to a survey by digital customer experience market research firm Surviscor, mobile brokerages associated with the big banks are losing ground to independent brokerages who are investing in platform upgrades. The review compiles customer input relating to basics like making the transition from PCs to handheld devices, usability, support and resource tools such as research.
The one exception is BMO Investorline, which took top spot for the second consecutive year. However, the gap between its mobile brokerage and independents including Questrade, Qtrade Investor and Credential Direct, narrowed. All three moved up significantly in the ranking while BMO Investorline dropped in total satisfaction to 76 per cent from 91 per cent in 2016.
Scotia iTrade, TD Direct Investing, RBC Direct Investing and CIBC Investor’s Edge continued their downward trend.
Here are the results: