TORONTO, ON --- May 1st, 2013 ---MoneySense partnered with Surviscor for its first-ever survey of the Best Discount Brokerages in Canada creating a methodology that truly reflects investors?experiences. Surviscor took a microscope to 14 online brokerages, scoring them on hundreds of measures, from how easy it is to open an account, to the amount of time they take to answer an email, to their access to global markets. The result was a rich set of hard data. MoneySense also recognized that some unique features are hard to quantify, exercising human judgment when number-crunching produced very close scores.
The review recognizes that not all investors want the same thing. Hard-core traders want foreign currencies, options, fast trading platforms and sophisticated research tools. Beginners want few hassles and first-rate support. If you’re a dividend junkie, a Couch Potato who uses ETFs, or a retiree, your needs are different again. The survey addresses the needs of five distinct investor profiles with over 20 categories, each including multiple data points. Important categories apply to all five profiles. The assumption was that everyone values certain features: a straightforward account-opening process, clearly explained security policies, efficient money transfers. Brokerages were also rewarded for making it easy to manage their accounts online, without having to phone for help. For most categories, however, the weightings were adjusted to reflect the needs of different investors.
You can find the top picks, runners-up and brokerages at-a-glance chart in the June issue of MoneySense on newsstands May 13.