Canadian Online Brokerage Service Levels

Canadian Online Brokerage Service Experience Review

Service reputation is the cornerstone of any consumer and business relationship and can be measured in several ways. Surviscor has been analyzing customer service experience since 2006 to hold firms accountable, compiling in excess of 100,000 service interactions across 45 plus firms. The review was expanded for the 2020 results to incorporate service interaction capabilities at all firms, both inside and outside the customer login process and across all digital devices.

The Latest Rankings

In today's world, it is hard to turn on any media source and not find someone, or some group, complaining about poor customer service experiences. In most cases, the complaints are valid. The excuses typically focus in on staffing issues, highlighted within the hospitality industry since COVID reared its ugly head a few years back, but financial services also struggled and continue to struggle. The difference with online brokerage firms is they tend to place the blame on trading volume and less focus on staffing. Whatever the reason, the complaints are warranted and despite improved average response times from 2021 coupled with expanded service methods, improvements are necessary.
2023 Rank Online Broker Peer Score Response Time* Firm Review
1 Qtrade Direct Investing 91 % 5 hours See Analysis
2 CG Direct 89 % 5 hours See Analysis
3 Questrade 76 % 13 hours See Analysis
4 Interactive Brokers 73 % 11 hours See Analysis
5 RBC Direct Investing 61 % 14 hours See Analysis
6 Wealthsimple Trade 48 % 18 hours See Analysis
7 TD Direct Investing 45 % 18 hours See Analysis
8 Laurentian Bank Discount Brokerage 40 % 22 hours See Analysis
9 CI Direct Trading 36 % 26 hours See Analysis
10 Desjardins Online Brokerage 20 % 38 hours See Analysis
11 Scotia iTRADE 14 % 54 hours See Analysis
12 HSBC InvestDirect 13 % 54 hours See Analysis
13 BMO InvestorLine 10 % 41 hours See Analysis
14 CIBC Investor's Edge 7 % 92 hours See Analysis
15 National Bank Direct Brokerage 5 % 115 hours See Analysis

* Response Times are based on 147 service interactions per firm over the 2022 calendar year

Experience Categories

The Service Level Experience Review explores the various service interaction methods and the availability of each method across both the desktop-based and mobile-based digital devices, and 'mystery shopping' service interaction responsiveness data initiated through the non-social, public-facing interaction facility provided by the Contact Us information at each Canadian DIY self-directed online brokerage firm. Service interaction data is collected using Surviscor's ongoing Service Level Assessment program that has been in place since 2006.

Monthly Service Standards

The sub-category audits the monthly average response time (ART), classifying each firm into one of the the following standards: Platinum, Gold, Silver and Bronze. Firms not classified are considered inadequate and require improvement.

Monthly Service Level Index (SLI)

Non-Customer Online Interaction Resources

Customer Online Interaction Resources

Monthly Average Response Time (ART)

Daily SLI - ART

Non-Customer Mobile Interaction Resources

Customer Mobile Interaction Resources

What we Measure and The Deep Dive that Differentiates.

# of Firms

Surviscor initiates 'mystery shopping' service interactions to DIY Self-Directed Online Brokerage firms including both bank-owned and independent firms.

# of Service Records / Firm

The 12-month review is broken down into an average of 10-14 service interactions per firm each month amounting to 140-160 records per firm per year.

# of Sub-Categories

The sub-categories measure individual firms by service interaction response times and both the desktop-based and mobile-based user experience of each investor 'touch-point' offered and the availability.

# of Categories

The last level of analysis, or as most consider the first level, represents the main items under review that rollup into the final industry ranking and individual scores.

Recent Surviscor Press Coverage