Canadian Online Brokerage Service Levels
The Service Level 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
At Surviscor, our belief is that good service is bred from an internal culture and it is clear from these results that not all self-directed online brokerage firms are culturing an acceptable environment, and many are taking self-directed investors for granted. The good news is QUESTRADE raises the bar when it comes to a complete service experience by offering its prospective and current investors more choices of contact, more hours of coverage and delivering industry leading responsiveness across the methods.
| 2024 Rank | Online Broker | Peer Score | Response Time* | Firm Review |
|---|---|---|---|---|
| 1 | Questrade | 88 % | 3 hours | See Analysis |
| 2 | TD Direct Investing | 83 % | 7 hours | See Analysis |
| 3 | Qtrade Direct Investing | 69 % | 6 hours | See Analysis |
| 4 | CIBC Investor's Edge | 62 % | 13 hours | See Analysis |
| 5 | Interactive Brokers | 58 % | 23 hours | See Analysis |
| 6 | CG Direct | 47 % | 13 hours | See Analysis |
| 7 | RBC Direct Investing | 43 % | 49 hours | See Analysis |
| 8 | CI Direct Trading | 39 % | 26 hours | See Analysis |
| 9 | HSBC InvestDirect | 33 % | 34 hours | See Analysis |
| 10 | Desjardins Online Brokerage | 32 % | 40 hours | See Analysis |
| T-11 | Scotia iTRADE | 25 % | 72 hours | See Analysis |
| T-11 | BMO InvestorLine | 25 % | 52 hours | See Analysis |
| 13 | National Bank Direct Brokerage | 20 % | 107 hours | See Analysis |
| 14 | Wealthsimple Trade | 15 % | 49 hours | See Analysis |
| 15 | Laurentian Bank Discount Brokerage | 9 % | 69 hours | See Analysis |
* Response Times are based on 142 service interactions per firm over the 2023 calendar year
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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
Online Brokers We Review
SELECT a firm to VIEW a complete analysis including Surviscor's Likes and Dislikes.
What we Measure and The Deep Dive that Differentiates.
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The TRUTH sometimes lies Between The Lines. Surviscor's Blog provides valuable insights into ONLINE BROKERAGE and CONSUMER BANKING articles.
