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IGM Financial Inc
Symbol IGM
Shares Issued 237,357,213
Close 2024-05-16 C$ 36.60
Market Cap C$ 8,687,273,996
Recent Sedar Documents

Globe says Wealthsimple schooling BMO, rivals

2024-05-17 09:18 ET - In the News

See In the News (C-BMO) Bank of Montreal

The Globe and Mail reports in its Friday edition that the key to keeping clients happy in digital investing is low fees. The Globe's Rob Carrick writes that according to the 2024 Canada Self-Directed Investor Satisfaction Survey from J.D. Power, Wealthsimple (backed by Power Corp. of Canada and IGM Financial) and Desjardins Online Brokerage, both offering no trading commissions, rank at the top. Questrade, with a minimum $4.95 commission, also made a strong showing. The survey indicates that zero- or low-fee brokers are becoming increasingly important to customer satisfaction, with four of the Big Five banks ranking below average. New self-directed investors cited fees as the top reason for choosing a broker in 2024, a change from previous years where the main reason was previous experience/relationship with the firm. Wealthsimple scored 718 out of 1,000, Desjardins 714 and Questrade 661, while the average score for the eight brokers in the ranking was 631. CIBC Investor's Edge scored slightly above average, while the rest ranged from 606 to 592. Wealthsimple's win is particularly significant given the company's recent rapid growth, especially during the surge in new account applications and trading seen in 2021.

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