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Brokerage statements clear but unspectacular |
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Thursday, 21 April 2005 |
Montreal, PQ-based National Bank Financial provides its clients with the most effective account statement among Canadian brokerage houses, according to a recently released study conducted by Dalbar.
Montreal, PQ-based National Bank Financial provides its clients with the most effective account statement among Canadian brokerage houses, according to a recently released study conducted by Dalbar.
According to Dalbar's 2005 Brokerage Statement Analysis, other top-ranking statements include those of MD Management, National Bank Discount Brokerage, who along with National Bank Financial as the only companies to receive Dalbar's ‘Very Good’ designation.
“These three companies provide their clients with statements that give a very solid base of information with which to interpret their accounts,” said Dalbar's Randy Carriere. “They give clients a clear summary of what they hold, tell them how much income they’ll have to report, and just as importantly are very easy to read, with little to no abbreviations or jargon.
Readability was an area in which many statements performed very well, as most of them not only avoid abbreviations or technical terms, but many now provide clients with “road maps” that help the reader understand the information contained within.
Despite this, however, brokerage statements are largely quite conservative with little innovation seen across the sample. They also lack several features present on statements produced by other industries (i.e. mutual fund statements) such as percentage rates of return and electronic delivery.
Other leading full-service brokerage statements came from BMO Nesbitt Burns, while BMO InvestorLine and TD Waterhouse ranked highly among discount brokerages.
Dalbar, Inc. is a leading financial services research firm with offices in Toronto and Boston, specializing in measuring the performance of institutions and financial professionals in areas such as client satisfaction, service quality, and communications effectiveness. |
