Fintech platforms outperform bank brokers in recent survey

It found that Wealthsimple scored the very best overall satisfaction amongst DIY investors with a rating of 708 out of 1,000, followed by Questrade with a rating of 661. Self-managed brokers from the large six banks ranked lower, with BMO InvestorLine coming in last with 585 points, not far behind Scotia iTRADE with 599 points.

Meanwhile, Edward Jones topped the list of investors advised with a satisfaction rating of 726 points, followed by ATB Wealth and Raymond James, the report showed.

Digital investing is driving the shift towards human advice

Mike Foy, managing director of wealth intelligence at JD Power, said the survey highlights risks and opportunities for fintechs and traditional banks. “Fintechs are attracting DIY investors through innovation and closing the trust gap that has long been seen as a key advantage of banks – and signaling increasing competition,” Foy said in a press release on Thursday.

But he said there was a chance for bank brokers to retain customers and construct relationships as demand for human advisors increases, particularly amongst wealthy, self-directed investors. The survey shows that almost half of rich DIY investors with assets of $250,000 or more say they plan to work with an advisor inside the subsequent yr. Some wealthy DIY investors with children and people using a robo-advice platform also desired to seek the advice of a human financial advisor within the near future.

“This suggests that digital tools cannot replace human financial advice, but rather act as a gateway or stepping stone to identify investors’ more complex needs and move them toward human advice,” the report said.

Survey finds gaps in wealth transfer planning

The survey was based on responses from 4,529 advised and a couple of,882 DIY investors and was conducted from September 2025 to January 2026. She assessed investors’ experiences of working with a wealth management firm, either as an advisor or as a DIY investor, and examined several metrics including ease of doing business, resolution of problems or complaints, and trust and value of fees paid.

The report also suggested that advisers are usually not discussing future wealth transfers with their older clients. It found that one in three investors over the age of 60 said their adviser had spoken to them about future wealth transfers, and just 11% said their advisers had suggested meeting with members of the family to debate the matter.

“This represents a critical industry blind spot and a missed opportunity for advisors to retain assets and build relationships with the next generation of clients,” the report said.

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Via Canadian Press

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