October 5, 2023 (Toronto) – The Investment Funds Institute of Canada (IFIC) and Pollara Strategic Insights today released the results of their annual Canadian Mutual Fund and Exchange-Traded Fund Investor Survey, which has tracked Canadian investor sentiments and behaviour since 2006.
The survey explores investor confidence, the value of advice, responsible investing (RI), sources of financial information, understanding of and satisfaction with statements, document delivery preferences, and the impact of inflation.
“The annual Pollara survey provides valuable insights to help us better understand what’s important to investors,” said Andy Mitchell, President and CEO, IFIC. “It is heartening to see that investors continue to place a great deal of confidence in advisors, especially during times of market volatility and uncertain economic conditions.”
“This survey gives us the opportunity to learn more about how investors respond to the ever-evolving environment,” said Lesli Martin, Senior Vice-President, Pollara Strategic Insights. “The data can help companies make the right decisions to best advise the investors they serve.”
- Satisfaction with advisors: Satisfaction with advisors remains very high for both mutual fund investors at 92 per cent and ETF investors at 91 per cent.
- Advisor evaluation: Scores evaluating advisors increased from last year, with 77 per cent of mutual fund investors and 71 per cent of ETF investors saying advisors help encourage better savings and investment habits. In addition, 85 per cent of mutual fund investors and 80 per cent of ETF investors feel more confident in reaching their investment goals when working with an advisor.
- Investor confidence: Confidence is still high, with 90 per cent of mutual fund investors and 91 per cent of ETF investors saying they are somewhat confident, confident, or completely confident in these investment products.
- CRM2 statements: Fifty-six percent of mutual fund investors and 66 per cent of ETF investors report receiving and reading their annual fee and performance statements (CRM2 statements). New questions this year related to CRM2 revealed significant confusion about statement fees. Only 21 per cent of mutual fund investors and 26 per cent of ETF investors correctly state that some investment fees are not included in their annual fee statements.
- Statement delivery: The vast majority of mutual fund and ETF investors prefer to receive all their investment statements electronically, citing easier management, reduced clutter, and lower environmental impact.
- Responsible investing (RI): More mutual fund investors (39 per cent) and ETF investors (54 percent) are somewhat or very knowledgeable about RI compared to last year – an increase of seven per cent and four per cent, respectively.
- Impact of inflation: Inflation continues to affect investors, but less than it did last year. Forty-four per cent of mutual fund investors and 39 per cent of ETF investors are investing less than usual due to inflation, representing five per cent fewer mutual fund and ETF investors who said this last year.
The samples for the 2023 survey were 4,121 mutual fund investors and 1,514 ETF investors.
The Investment Funds Institute of Canada is the voice of Canada’s investment funds industry. IFIC brings together approximately 150 organizations, including fund managers, dealers, professional and back-office service providers, to strengthen the integrity of the investment funds industry, foster public confidence in investment funds, and enable investors to achieve good outcomes. By connecting savers to Canada’s economy, our industry contributes significantly to Canadian economic growth and job creation. IFIC website
About Pollara Strategic Insights
Founded in 1980, Pollara Strategic Insights is one of Canada’s premier full-service research firms – a collaborative team of senior research veterans who are passionate about conducting research through hands–on creativity and customized solutions. Taking full advantage of their comprehensive toolbox of industry-leading quantitative and qualitative methodologies and analytical techniques, Pollara provides research-based strategic advice to a wide array of clients across all sectors on a local, national, and global scale.
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Senior Vice President, Public Affairs
Pollara Strategic Insights