Fintech platforms outpace bank brokerages in new survey

It found Wealthsimple ranked the highest in overall satisfaction among DIY investors with a score of 708 out of 1,000 points, followed by Questrade with 661 points. Self-directed brokerages from the six major banks ranked lower, with BMO InvestorLine coming in last with 585 points, not too far from Scotia iTRADE with 599 points.

Meanwhile, Edward Jones topped the list among advised investors with a satisfaction score of 726 points, followed by ATB Wealth and Raymond James, the report showed.

Digital investing fuels shift to human advice

Mike Foy, managing director of wealth intelligence at JD Power, said the survey reveals risks and opportunities for fintechs and traditional banks. “Fintechs are winning DIY investors on innovation and closing the gap on trust, long considered a core advantage for the banks—and signalling intensifying competition,” Foy said in a press release on Thursday.

But he said there’s an opportunity for bank brokerages to retain clients and build relationships as demand for human advisers grows, especially among affluent self-directed investors. The survey shows nearly half of affluent DIY investors with $250,000 or more in assets say they plan to work with an adviser within the next year. Some affluent DIY investors with children and those using a robo-advice type of platform were also looking to consult a human financial adviser in the near term. 

“This suggests that digital tools are not replacing human financial advice, but instead may act as a gateway or stepping-stone, identifying investors’ more complex needs and pushing them toward human guidance,” the report said.

Survey finds gaps in wealth transfer planning

The survey was based on responses from 4,529 advised and 2,882 DIY investors and was fielded from September 2025 through January 2026. It evaluated investor experiences working with a wealth management firm, in either an advised or DIY capacity, and looked at several metrics, including the ease of doing business, resolving problems or complaints, and trust and value for fees paid.

The report also suggested advisers aren’t talking about the future wealth transfer with their older clients. It found one in three investors over the age of 60 said their adviser discussed future wealth transfer with them and only 11% said their advisers suggested meeting with family members to discuss the matter.

“This presents a critical industry blind spot and a missed opportunity for advisers to retain assets and build relationships with the next generation of clients,” the report said.

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