Of Note:TD Waterhouse is the new leader in the online Investor industry in Canada according to the newly released
Summer 2009 Online Investor Site review.
Interactive Brokers, OptionsXpress Canada and Think or Swim do not meet the stated criteria for inclusion.____________________________________________________________________________________________
To access my current posts, click the following link:Notes From a Cyber Trader___________________________________________________________________________________________________________________________________________Summer 2009 - Online Discount Brokerage Review
For the first time since the inception of the review, there is a new number one. TD Waterhouse is the new leader in the online Investor industry in Canada according to the newly released Summer 2009 Online Investor Site review. The review named one winner unlike past reviews. Surviscor focused on the Investor and looked at three types of Investor; the passive investor, the serious investor and the active investor.
The former Trader analysis is under review with the industry participants. TD Waterhouse edged out Credential Direct with BMO InvestorLine and RBC Direct Investing knocking on the number one door. The new and improved scorCard is now the most comprehensive online brokerage analysis in North America.
The Summer 2009 review introduced a new and improved analysis that introduced new main categories and more detailed sub-categories. The number of sub-categories now exceeds 30. The reason for the new approach was to identify the Investor needs with easy to understand categories.
In the near future, Investors will have the ability to use the Surviscor data along with their own criteria to determine which firm best serves their needs.
Each company's results and general information is available to users by linking on the company names. Particpating firms allow visitors to view more information, including screenshots and a "what's new" section.
The overview page also provides visitors the ability to link to various key area of the company's site. Surviscor continues to develop an industry firm suggestion tool designed to return a small list of suggested firms that Surviscor would recommend based on the latest scorCard results as well as the user's preferences.
Interactive Brokers, OptionsXpress Canada and Think or Swim do not meet the stated criteria for inclusion. Surviscor continues to collect email responsivness statistics for the companies. Visitors to this site can find company information on the firms by linking on the company's name. Surviscor performed this analysis with the help of most of the firms in the study. CIBC Investor's Edge, Laurentian Bank Direct Brokerage, Questrade and Qtrade refused to participate in the analysis process.
Surviscor reviews all Canadian discount brokerage firms including bank-owned and independent firms. Traditional day trading firms are included providing they meet the minimum requirements for inclusion. The Firms are evaluated for the online features and functionality they posses.The minimum requirements are:
1. Transactional capabilities in Canadian and US markets
2. Physical location in Canada with minimum registration requirement of 5 provinces
3. Ability to establish a registered account
4. Minimum account opening balance requirement no greater than $10,000 CDN
|The Main Categories: |
|1. ||Getting Started |
The Getting Started category explores the features and functionality available on the public site. The primary areas of analysis are the application process and the email responsiveness available to both customers and non-customers. The Customer Email Responsiveness data is available on this site under the Services tab or http://surviscor.com/Services/CER/Default.aspx.
|2. ||Website Design |
The Website Design category explores the general online experience of the user and the ability of the firm to provide an easy to use site. The primary areas of analysis are policies, customization and integration.
|3. ||Account Services |
The Account Services category explores the various customer touch points and online servcies. The primary areas of analysis are the available e-services and the access of account informastion details.
|4. ||Market Intelligence |
The Market Intelligence category focuses on the informational aspect of all market intelligence available to users.
|5. ||Website Transactions |
The Website Transactions category focuses on the online order screens and the feature and experience available to the customer. The primary area of analysis is the equity order process.
|6. ||Online Resources |
The Online Resources category focuses on the level of investment and planning tools available to the online user and analyzes the level of supporting education content and features.
|7. ||Cost of Services |
The Cost of Services category focuses on the cost of doing business with the firm by establishing a basket of transactions. The basket is established using three Investor profiles; passive, serious and active. All firms are analyzed using identical transactions.
Next Analysis: TBD: Fall 2009 or Winter 2010
Surviscor is an independent Canadian-based business analysis firm that holds extensive experience in all aspects of the Canadian online services. Surviscor analyzes and ranks Canadian online services that are offered to either retail consumers or professional users. Surviscor produces seasonal features and functionality scorCards™ and email responsiveness studies. The scorCards™ rank the individual online firms within their online industry. The Customer Email Responsiveness (CER) rating measures the ability of the individual firms to service customer emails in a timely and efficient manner.
Surviscor’s main mandate is to increase the performance of Canadian online products and services through a common voice of consumers and providers. To accomplish the mandate, Surviscor analyses and ranks the features and functionalities available to Canadians in the online services market, targeting the retail market. Surviscor’s goal is to establish an Canadian online community including users and firms.
The scorCards™ and CER reports serve as industry benchmarks for consumers and industry firms and identify the firms who are considered leading-edge solutions providers and those whose online service offerings are well below industry standards. A list of the current scorCards™ under review can be found in the scorCard™ Review section.