BMO Nesbitt Burns: Investors most value honesty, trustworthiness and knowledge of advisors
By National Underwriter
By Warren S. Hersch
Nearly 9 in 10 Canadians cite trustworthiness, honesty and knowledge as the key attributes they look for in a financial advisor, according to a new report.
BMO Nesbitt Burns, Toronto, Ont., published this finding in a summary of results from a new survey of Canadian investors. The survey was conducted by Pollara, a Canadian-based public opinion and research company.
When selecting an investment advisor, the report notes, Canadians chose the following key attributes as topping their wish list:
- Trustworthiness and honesty (89% cited as most important)
- Level of knowledge (88%)
- Experience (83%)
- Track record and availability (tied at 76%)
- Reputation and advisor confidence level (tied at 75%).
Among the study’s additional findings:
- 82% of Canadian want their investment advisor to explain their investments in easy-to-understand terms.
- Investors more highly value returns that meet their financial plan's targets (84%) than returns that outperform the market (71%).
- 69% of Canadian investors say that it is very important that investment advisors regularly engage in meaningful communication with them.