ATB Investor Services says 'Enough': Makes a declaration to help simplify investing and provides four questions every Albertan should be asking
CALGARY, May 15, 2017 /CNW/ - To encourage transparency and help improve consumer confidence in a murky Canadian investment environment, ATB Investor Services (ATBIS) is listening to the needs of Albertans, and is now lending its voice to help make investing simpler to understand.
A recent edition of The Investor Beat, ATB's quarterly report on saving and investing in Alberta, drives home that Albertans are in the dark when it comes to their investment fees in the wealth industry. The Beat shared results from a survey* conducted by Ipsos earlier this year.
The survey indicated that just four in 10 Albertans are familiar with how various savings and investment products are taxed, and of those with investment products (mutual funds, stocks, bonds), just under half (46%) are aware that they pay fees on those products.
"We are motivated to be a true catalyst for change in the industry," says Chris Turchansky, President of ATB Investor Services, "By standing up for our customers, we're leading the charge on changing the industry for the better by asking questions, listening to our customers' concerns and sharing helpful information."
ATBIS is saying 'Enough'. By providing thought leadership and a dedicated webpage at www.atb.com/trust, they are aiming to help Albertans feel more confident and happy about the industry. The webpage also shares four key questions every Albertan should ask their financial advisor, regardless of where they bank:
- What is your obligation to act in my best interest?
- How are you compensated?
- How will I be charged?
- What is your (and your firm's) investment philosophy?
Sharing answers to these questions, along with other tools, echo ATBIS's ongoing goal of being transparent, simplifying investing, and being a catalyst for positive change within the industry.
Additional results from ATB's province-wide poll provided additional insights about what Albertans know (or don't know) about their investing practices:
- Fewer than half of investors in Alberta claim they pay fees for their investments
- Of those who claim to pay fees, just under a quarter feel they're very familiar with what they pay; 39% of those who are very familiar believe their fees have a big or very big impact on the performance of their portfolio
- More than one-third (36%) have had their investment fees explained to them in the past year. However, there are one-in-five who have never had their fees explained to them
- For those aware of investment fees, six-in-ten (61%) have never heard or do now know about the new CRM2 rules that took effect on January 1, 2017, that require a full disclosure of fees.
"The survey shows that Albertans are in the dark when it comes to their knowledge of investment fees," says Turchansky, "We hope that by continuing to make investing simpler and providing helpful tools, we'll see Albertans feeling more confident."
To read the ATB Investor Services declaration and to find additional information and resources about the industry, please visit www.atb.com/trust.
*The survey involved 1,004 participants. Results are considered accurate to within plus or minus 3.5 percentage points.
About ATB Investor Services
ATB Financial (atb.com) is the largest Alberta-based financial institution, with assets of $43.1 billion. ATB offers investor services, as well as retail, business, agricultural and corporate financial services to more than 710,000 Albertans across 244 communities in our province. ATB Investor Services is the wealth management arm of ATB Financial. Our goal is to sort through the clutter and make investing easier to understand so our clients can focus on the things that really matter in life.
SOURCE ATB Financial
For further information: or interview requests, please contact: Paula Worthington, North Strategic for ATB Investor Services, Phone: 403-585-2929, Email:firstname.lastname@example.org
With assets of $49.6 billion, ATB Financial is Alberta’s largest home-grown financial institution. Established in 1938, ATB is a network of 174 branches, 142 agencies, a Customer Care Centre, two Entrepreneur Centres, along with mobile and online banking. ATB’s more than 5,000 team members help more than 730,000 customers in 247 Alberta communities.