According to a recent JD Power survey, fintech companies are outperforming self-directed brokerages associated with traditional banks in terms of client satisfaction. The report highlights that fintech firms are not only leading in consumer satisfaction but are also perceived as more innovative and equally trustworthy compared to established financial institutions.
Wealthsimple scored the highest in overall satisfaction among do-it-yourself (DIY) investors, achieving a score of 708 out of 1,000 points. Following closely is Questrade, which garnered a score of 661 points. In contrast, self-directed brokerages from the six major Canadian banks ranked significantly lower, with BMO InvestorLine concluding at the bottom with 585 points and Scotia iTRADE not far behind at 599 points.
For advised investors, Edward Jones emerged at the top with a satisfaction score of 726 points, succeeded by ATB Wealth and Raymond James, indicating a challenge for traditional banks to retain their customer base in the evolving financial landscape.
Mike Foy, the managing director of wealth intelligence at JD Power, emphasized that the survey uncovers both risks and opportunities for both fintechs and traditional banks. He noted, “Fintechs are winning DIY investors on innovation and closing the gap on trust, long considered a core advantage for the banks — and signaling intensifying competition.”
Despite the growing competition from fintechs, the survey indicates opportunities for bank brokerages to enhance client relationships, especially as the demand for human financial advisers rises. This trend is particularly evident among affluent DIY investors who possess $250,000 or more in assets, nearly half of whom express intentions to engage with an adviser within the next year.
The survey further reveals that affluent DIY investors with children and those utilizing robo-advisory platforms are also inclined to seek human financial guidance soon. The report suggests that digital tools may serve not as a replacement for human advisers but as a conduit that identifies investors' complex financial needs, ultimately leading them to seek human guidance.
Conducted from September 2025 through January 2026, the survey included responses from 4,529 advised and 2,882 DIY investors. It assessed investor experiences with wealth management firms in various capacities and measured several factors, including the ease of conducting business, resolving issues or complaints, and assessing trust and value for fees incurred.
Additionally, the report highlights a concerning trend among financial advisers regarding the discussion of future wealth transfer with older clients. It found that only one in three investors over the age of 60 reported having conversations about wealth transfer with their advisers, and a mere 11 percent indicated that their advisers suggested involving family members in those discussions.
This gap presents what the report describes as a "critical industry blind spot," indicating a missed opportunity for advisers to retain assets and nurture relationships with the next generation of clients.
This comprehensive analysis serves as a timely reminder for both fintechs and traditional banks to recalibrate their strategies in response to shifting consumer preferences and the growing significance of personal financial advice in an increasingly complex financial landscape.
