More Canadians are relying on discount brokerages for all their investing needs, according to a new report. The percentage of investors with only discount brokerage accounts has increased to 33% in 2013 from 21% in 2012, the J.D. Power 2013 Canadian Discount Brokerage Investor Satisfaction Study found. Customer satisfaction has also increased 24 points (to 724 points on a 1,000-point scale), driven largely by the added convenience of mobile. The study found that overall satisfaction is 48 points higher when mobile access is offered to investors for trading and setting and managing alerts.
National Bank Direct Brokerage scored top marks (757) for customer satisfaction according to J.D.’s user questionnaire measuring brokerage interaction, trading charges and fees, account information, account offerings, information resources, and problem resolution. Runners-up include Disnat (750), BMO InvestorLine (742), and TD Direct Investing (734).
MoneySense’s Dan Bortolotti evaluated bank-owned and independent brokerages in more than 15 categories earlier this year to name Canada’s Best Discount Brokerages for beginners, stock investors, active traders, passive investors and retirees. See the complete results here.