At the ballpark, I recently ran into James Gauthier, the partner and Chief Investment Officer at Canadian Robo Advisor Justwealth. I did not literally run into James on the ball diamond, we were both in attendance to watch our boys compete in the 18u Provincial Championships. But of course, I soon turned the conversation to investing and the state of the nation at Justwealth.
I asked what was new and James offered that they had conducted a customer survey to ‘see how they were doing’ with respect to taking care of their clients and to gauge the satisfaction of their clients. Of course, an investment house will have a very good idea with anecdotal feedback that arrives from clients on a regular basis. There are continual slaps on the back and there are also those occasions when a client thinks things could have ‘gone a little better’.
That said, a survey is an opportunity to measure and develop some benchmarks. Of course any company that conducts this type of survey wants to know what they’re doing well and where there’s room for improvement.
Dispelling some of the Robo myths
I asked James if I could have a look at the survey results, and that I’d be interested in creating a post for Cut The Crap Investing. He initially was perhaps not too keen, it was conducted for internal review, but I suggested that it might help dispel some of the myths about Canadian Robo Advisors – mainly that they’re ‘Robo’. There’s also the impression that there is no human advice available or that there is very little investment advice and customer support.
Canadians will be well served with the facts on their investment options. In the end, obviously, James and his team were willing to share the survey results, and the good news.
From President Andrew Kirkland, here’s why they conducted the survey, and his general takeaway on the feedback from clients.
Our goal with this survey was to gather feedback on our current client’s opinion of our customer service, investment capabilities and understanding of why they are potentially referring Justwealth to their friends and family. Results were VERY positive and the comments section provide positive accolades for what we are doing and also providing very valuable feedback for areas of improvement. All aspects of this survey were very helpful for us as we look to grow and meet the needs of more Canadians – it helped show us what people liked about our service and where enhancements need to be made (which we are working on currently).
Survey says …
Here’s some of the key results. Clients were able to rank from 0 – 10. Of course, with the number 0 meaning you struck out, and a 10 meaning you hit it out of the ballpark.
1. Rate Service of Justwealth Support: Average was 8.9.
2. Confidence in meeting investment objectives: Average was 8.5.
3. Overall Satisfaction: Average was 8.7.
4. Would you or have you referred to Justwealth: Over 90% Yes
5. Top Reasons for Referral: Low Costs, Client Service, Ease of Use & Convenience, Dedicated Personal Portfolio Manager
6. Do you have assets with other investment providers: 53% with other traditional providers, 28% no, 18% with other robo advisor.
Overall comments and feedback
More reflection from Andrew …
The feedback focused on customer service and how human we were as a robo-advisor – it seems to pleasantly surprise many of our clients. We often heard that Justwealth’s customer service far exceeded that of any other financial institution. People also made mention of the peace of mind that they now have with their investments and how they really feel their best interests are being looked after. Some of our early clients made reference to the performance of their holdings and how pleased they were.
Of course the key question and a staple of customer satisfaction surveys would be …
Of course when over 90% of respondents offer that they have or will refer a friend to Justwealth, that is more than a positive sign. And that’s certainly good for business when your clients are bringing in new business. But more than that, whether or not a client would recommend friends and family might be the greatest measure of the products offered and service delivered. As consumers we have to be very motivated (and satisfied) to recommend a company. That important survey question is measuring so many aspects as well as the big picture.
Room for improvement.
When I asked Andrew what was the area that offered the greatest room for improvement, he offered and that clients were looking for greater and easier access to account information and reporting. And also, they’d like to see more commentary on the markets and market conditions. Of course on that front, I’d offer to Justwealth clients and all readers that you don’t have to watch the markets and the market prognosticators. We should keep that ‘stuff’ for entertainment purposes only.
And in fact while some Canadian Robo Advisors will offer active asset allocation (change of assets or percentages based on market conditions), Justwealth will not make moves based on market or economic guesswork.
Andrew concludes with …
Overall, it was a great exercise and it’s something that we will continue to do in the future and it’s always nice to gauge our client’s feelings about us so that we can course-correct where needed.
I am not surprised at the positive results. Here’s my initial review of Justwealth The Canadian Robo Advisor That Knows When To Get Personal.
Have a read of that review and a few key areas of customer support will stand out, notably that your initial application and investor profile lands on the desk of the Chief Investment Officer. Try that one at your big bank or mutual fund sales office.
Advice and tax efficiency plus RESP.
You receive personalized advice with attention to tax efficiency and the proper arrangement of your assets in the ‘right buckets’ in regards to RRSP vs TFSA vs Taxable accounts. You can even bring in your individual stock assets that will then be treated in the most tax efficient manner – eventually the funds moved to your index-based portfolio(s). They offer target-dated RESP accounts.
They are likely the most accommodating of the Canadian Robo Advisors.
Thanks for reading, happy to report that this survey says this ‘Robo’ Advisor is checking the right boxes on customer service and more. They’re not so robo after all.
If you feel that Justwealth is right for you, you can receive a cash bonus between $50 and $500 when you open an account through this link.
- $50 for assets between $5,000 and $24,999
- $100 for asset between $25,000 and $49,999
- $225 for assets between $50,000 and $99,999
- $500 for assets above $100,000
While I do not accept monies for feature blogs please click here for more about Dale and ‘how I might get paid’ disclosures.
Thanks for reading the update on Canadian Robo Advisor Justwealth.