On 16 important dimensions, this analysis compares:

  • Assante investors’ perceptions of their advisors with
  • BMO NB’s clients perceptions of their advisors.
Exhibit 1. Comparison of Assante clients perceptions of their advisors with BMO NB’s clients perceptions of BMO NB advisors

Investors were asked to consider and rate a set of items using a scale from zero to ten, where

  • zero would would indicate the strongest possible level of disagreement and where
  • a score of ten would represent the strongest possible level of agreement.

Interpret the table

Consider item #1: I am comfortable discussing concerns… Assante earned an average score of 8.62 on this item.  That score was 99% of the score BMO NB eaned on the same item. So, Assante’s score was 1% below BMO NB on this item.

Observations

From this analysis a number of insights can be drawn:

  1. Assante has achieved a higher level of loyalty among clients than BMO NB.  Assante clients offer a 33% lower agreement score against item “#16: I am considering finding a new financial advisor,” than  BMO NB.  Because there is a lower level of agreement regarding finding a new advisor, we infer that Assante has earned a higher level of loyalty.
  2. Assante may have an issue with respect to their investors feeling that Assante advisors have their best interests at heart.  Items #11 and #13 in our test address this matter and the matter of the advisor putting their interests before the client’s interests.  This should be investigated further.  If investors don’t feel that Assante advisors have their clients’ best interests at heart, the viability of the brand may be put at risk.
  3. Assante’s end clients are less likely than BMO NB clients to conduct their own research to validate their advisor’s recommendations. This has the concerning implication that Assante investors may not be adequately engaged in their personal finances with their advisor.  Indeed, they may trust their advisor — our measurement of this item #3 indicates that the level of trust they have for their advisor is consistent with the trust BMO NB clients have in their advisors. But if they are exhibiting blind faith, there could be an increased possibility of competing advisors poaching clients as they draw attention to Assante advisors’ shortcomings.
  4. Assante investors are less likely than BMO NB investors to indicate that they know how much they are paying their advisor.  This is concerning.  Though it may indicate a high level of trust between the investor and their advisor, it also opens the potential for issues to arise as the advice-value equation is increasingly explored by investors.
  5. The scoring difference between many of the measured dimensions are negligible. Credo infers that Assante is delivering an advice experience that is comparable with the best experiences in the industry.

For more… and there is lots of it… contact Credo at 905. 919.1926