Canadian Bank Trends Give Hope to Financial Advisors

It appears that financial advisors in Ontario have been given a chance to enhance their sales practices to stand apart from Canada’s top five banking institutions. A report published last week on the Rogers news and business website gave some interesting advice to financial advisors, suggesting they stick to “needs analysis” and “holistic” planning – taking into account the mental and social factors a client is facing – something that Canadian banks apparently are not doing. According to the report a province-wide survey, conducted by Canadian financial services market research firm Dalbar, took a look at a number of banks (TD, BMO, CIBC, RBC and Scotia) and found that representatives at those banks were giving the impression of being pushy and aggressive when it came to selling a financial plan. Dalbar’s vice-president of Canadian strategy Anita Lo says in the report, “Banks are promoting that their experiences are superior, but the actual conversations are still product-driven, if you really listen to them.” With this in mind, a financial advisor is put in a unique position, if he/she has a unique mind. They can move away from impersonal sales techniques and focus on a client’s needs. Read the full article here. | Raymond Matt, CFP, CLU, TEP, CHS

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