Personal Investor: Service slips at online brokerages
We’ve come to expect more from our online brokerages but this year we’re getting less.
That’s one of the findings from the Surviscor 2018 Canadian Online Brokerage Review, a simulated customer experience that tests the nation’s discount brokers in areas such as service, mobile use, market research, investment planning and fees.
Surviscor attributes overall low scores to a “lack of focus” as increasingly popular robo-advisors roll out their platforms. Much of the distraction is centred around regulatory requirements that the two services be kept separate.
It’s the first time in the 13th annual review that all 12 brokerages failed to sustain an eight hour or less response time to 157 simulated service inquiries.
Top performers continue to be Qtrade Investor, Questrade and BMO Investorline. Here’s the list of brokers, their total scores, and changes in ranking since last year’s review: