Traditional financial service norms are being challenged: robo-advisors are highlighting the cost of advice while discount brokerages are making DIY investing more appealing. Baby boomer women will control almost one-third of Canadian assets. Firms need to understand the changing investor in order to adapt their services and offerings.

In this report we explore:

  • Personas that show key differences between Canadians that are classified as: full-service financial advice users, robo-advice users, and do-it-yourself investors. We will delve into what financial matters are most important to them, how financially literate they are, how comfortable are they talking about financial matters, etc)
  • The financial companies that they are currently aware of and using (dealerships, ETFs, mutual fund manufacturers, insurers and banks)
  • Profiles that identify what is important to them financially (retirement, health care, education, a wedding, etc.)
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  • Key issues showing the separation of perceptions between men and women or other special interest groups such as indigenous peoples, new Canadians, rural vs. urban, etc.

Introduction to Financial Comfort Zone

The Financial Comfort Zone Study is an ongoing research program that is designed to track a number of financial matters important to Canadian society. In this study we measure and rate financial matters such as:

  • Financial Importance: Which financial matters are most important to Canadians?
  • Financial Advice: Are Canadians advised? How do they feel about their advisors? Which dealerships do their advisors work for?
  • Financial LIteracy: What is the level of financial literacy in Canada?
  • Financial Sentiment: How do Canadians feel about their finances, talking about them, how do they perceive risk?
  • Product Usage: Which products are Canadians aware that they are using?
  • Financial Product Manufacturer Awareness: Which companies are Canadians aware of and using?
  • Financial Expectations: How do Canadians subjectively feel they are doing for themselves? How about in comparison to other Canadians?
  • Demographics: Ethnicity, marital, HHI, age, gender, location, etc.

Reporting Includes

  • Contrast and compare personas of DIY, Full Service and Robo advised investors
  • A low-level breakdown including cuts by:
  • Gender
  • Investable assets
  • Ethnicity (including indigenous peoples)
  • Provincial and urban vs. rural
  • Levels of financial literacy
  • ETF and Mutual Fund company brand awareness/usage