For the second year in a row, customer satisfaction with Canadian full service investment firms has declined, according to the recently released J.D. Power and Associates 2012 Canadian Full Service Investor Satisfaction Study.^SM Overall investor satisfaction with full-service investment firms in Canada averages 720 (on a 1,000-point scale), declining 13 points from 2011. In contrast, satisfaction among U.S. full service investors has risen for two consecutive years, to 775 in 2012.

Analysts at the Toronto office of J.D. Power and Associates say this is partly due to Canadian advisors becoming less diligent about keeping customers up to date with market trends. Investors in Canada rate their advisor 7.8 (on a 10-point scale), on average, for showing concern for their needs, compared with investors in the United States, who rate their advisor 8.44, on average. Additionally, investors in Canada rate their advisor 7.43, on average, for promptness in keeping them up to date with market trends, compared with an average of 8.1 among investors in the United States.

The Canadian Full Service Investor Satisfaction Study measures investor satisfaction with full-service investment firms and financial institutions that offer wealth management and private banking services based on the following factors: investment advisor; investment performance; account information; account offerings; commissions and fees; Web site; and problem resolution. Raymond James Ltd. ranks highest in investor satisfaction with a score of 745. Following in the rankings are Edward Jones (735) and TD Waterhouse Private Investment Advice (731).

The 2012 Canadian Full Service Investor Satisfaction Study is based on responses from more than 5,200 investors who use advice-based investment services from financial institutions in Canada. The study was fielded in June and July 2012.