Taking care of business: Canadian advisors from coast to coast talk shop

(September 26, 2002) A national survey of Canadian financial advisors sketches a portrait of the advisor working harder for every penny, but still able to make a comfortable living. This advisor also feels stressed for time and is relatively more cautious in his investment approach, yet is more open to exploring alternative investment products.

The first Annual Dollars & Sense Survey was commissioned by Advisor.ca, Advisor’s Edge and Objectif Conseiller magazines, all members of the Rogers Media ADVISOR Group. Researchers in Toronto conducted the poll in May and results will be released next week.

Advisors in every region of Canada were invited to complete a comprehensive eight-page online questionnaire, available in both English and French. The survey questioned respondents on topics such as their practices, business structures, incomes, client books, investment benchmarks and opinions of financial institutions. Approximately 1,760 advisors participated, making it one of the largest surveys of its kind.

“We wanted to help advisors answer a simple question: ‘How am I doing?'” said Darin Diehl, content director of The ADVISOR Group.

“We plan to do this survey annually and we welcome comments and suggestions from advisors on the types of questions we should add going forward,” added Diehl.

Here are a few findings:

• On average, advisors had $16.2 million in assets under management for a total of 311 clients.
• The average advisor income was $92,584 in 2001.
• Most common alternative product added to offerings in the previous 12 months: managed accounts.

Advisor.ca will have complete coverage of the Annual Dollars & Sense Survey beginning Tuesday, October 1. Extensive coverage is also coming in the October editions of Advisor’s Edge and Objectif Conseiller magazines. Objectif Conseiller will focus on the responses of the advisors in Quebec.

Filed by Jim MacDonald, Advisor.ca, jmacdonald@advisor.ca.

(09/26/02)