Credential Direct finishes number one overall in Canada. TD Waterhouse surprises at top spot in Trader profile.
Oakville, ON (June 29, 2006): www.surviscor.com – Imagine a non-bank owned firm leading the pack in Canada in terms of online features and functionality for Canadian investors and traders. Even better, two firms who mainly serve credit unions in the top 4 overall. Credential Direct, a Vancouver based firm, finishes number one overall in the Surviscor Q2 2006 Online Discount Brokerage Review as well as number one in the Investor profile. In a surprise, TD Waterhouse took top prize in the Trader profile, ahead of E*Trade Canada. “The results demonstrate the exciting world of online discount brokerage in Canada and that Canadians have more choice than even they are aware of” stated Glenn LaCoste, President and Head Analyst for Surviscor. “The rankings prove that firms need to stay ahead of the online features and functionality curve and prepare their next moves well ahead of the competition. It’s easy to make money in this industry, especially when the markets are so volatile. The key is to prepare through the good times for the tough times by establishing a solid online platform and loyal client base” added LaCoste who has over 15 years of experience in the discount brokerage industry. The results indicate that perhaps many firms are not spending enough money or business intelligence time on their online offerings.
The past few months have seen increased activity in the online discount brokerage industry, several key management changes and the first price war seen in some years. “I remember when waiving, or even reducing, your RSP administration fee or quote charges was a major decision” says Joe Pavao, Vice President and Senior Analyst for Surviscor who has held senior executive positions with several firms in the industry. “Now the companies are faced with their biggest test in some time, increase your activity, lower your margins and reduce staff but keep your profits up” added Mr. Pavao. Surviscor feels that the price reductions are being overplayed by the firms and that they are using price to entice clients to remain loyal despite clear inefficiencies in their service offering, especially their online features and functionality. Surviscor intends to facilitate the discovery and selection process for Canadians by determining the firms who are leading edge and offer best of breed online solutions.
The top 3 firms overall are Credential Direct (1), TD Waterhouse (2), and Scotia McLeod Direct Investing (3). Credential Direct (1), Scotia McLeod (2) and Qtrade (3) finished in the top 3 of the Investor profile and TD Waterhouse (1), E*Trade Canada (2) and Disnat (3) finished top 3 in the Trader profile. More detailed results can be found at www.surviscor.com.
About Surviscor
Surviscor is a Canadian firm located in Toronto that analyzes and ranks Canadian online services that are offered to retail consumers. Surviscor produces annual and semi-annual scorCards™ that are comprised, in some cases, of over 1500 binary questions that are divided into multiple categories. The scorCards™ serve as industry benchmarks for consumers and industry firms and identify the firms who are considered leading-edge solutions providers and those whose online offerings are well below industry standards. For more information, please visit the website at www.surviscor.com or email info@surviscor.com.