Projects |
This research identifies the life stages of older Canadians including their top financial and retirement concerns. The study also looks at the best methods of reaching each segment. It also discusses the unmet advisory needs of Older Canadians and challenges current planning models. The study integrated findings from the literature with customized database analysis, qualitative interviews, and a survey based on preliminary findings.
View ReportWe have worked with CDIC for more than a decade developing budget-sensitive strategies for increasing public awareness of CDIC and specific awareness of its product coverage. This includes identification of target groups and strategy for better communicating with these target groups. Study methods included: Identification and synthesis of existing information including client surveys, government statistical sources, published research studies & articles and a few additional purchased studies.
These studies assess how 20-34 year olds learn in an online environment, especially how they learn what they need to know about handling key life events like a new job, getting married or becoming a parent. The studies assess the most critical questions people need answered when they are managing key life events, as well as the strategies and sources of information they use to get answers. The role of psychographics in shaping behaviour helps to understand what drives the strategies people use. Methods used include intercept personal interviews, online focus groups, and online surveys.
View Report SummarySophisticated analytical methods were used to identify the attitudes and behaviours that distinguish top investment advisors from their colleagues. The study was based on an amalgamation of several internal databases relating to thousands of advisors. Initial analysis was guided by suggestions from an executive brainstorming session and then advanced further as initial findings pointed to new directions. The study also identified the best methods for supporting top advisors, as well as information needed to identify “rising stars”.
Using sophisticated analytical methods, we created a set of retirement lifestyle segments based on activity patterns of people age 60 and over, as reported in a Statistics Canada database. After extensive profiling of each segment, we created a quiz with a decision support tool that allows people to identify the segment that is most likely to fit their behaviour and attitudes.
This is an assessment of the key long-term issues that affect the relationships between investment advisor, client, firm and regulator including suitability of advice, client communications, advisor qualifications and oversight. Using a combination of secondary research and interviews with business opinion leaders, we identify both the salient issues and the people/information most capable of dealing with the issues.
View ReportThe Exempt Market for securities is an investment market where businesses can be funded without a prospectus if they meet regulatory criteria. With the rise of crowdfunding and the need for capital in the SME market, this study looks at the strategies that can be used to spur retail investment in SME while still ensuring investors are adequately protected.
Using awareness measures, we looked at the impact of successive advertising campaigns to raise awareness of an online retail financial brand in selected markets. Brand attributes were assessed, as well as competitive position.
The “Exempt Market” describes securities that can be sold to the public without a prospectus. These securities have very limited circulation and there is no public market for them. This series of studies looks at the reporting practices that Exempt Market investors need to ensure that the market is fair and transparent for them.
We conducted focus groups for the Investor Advisory Panel of the OSC to gather the views and opinions of retail investors in the GTA on investor rights and protection and to gather feedback on the initiatives drafted in the OSC Statement of Priorities for the fiscal year 2011-12.
This in-depth analysis looks at users of student loan programs compared to their cohort, as well as the factors that affect the progress of repayment of their loans. This is a longitudinal study relying on a mix of databases, which reflect the background and experience of millions of borrowers over the years, as well as the impact of changes in borrowing policy.
Beginning with a detailed database describing over 600,000 personal bankruptcies, we identified the changing nature and demands of personal bankruptcies in Canada since 1998. This was supplemented with two trustee surveys: one focusing on work activities and the other on changes in revenue and expenses. The implications of the findings for trustee work demands and compensation were identified.
After a year of in-depth research with consumers and advisors, we completed an Event-based Learning Guide. The Learning Guide follows the decision-making path of consumers from a triggering event through the initial tough decisions to taking action. At each step of the way, we have recorded the questions that consumers want answered in their own words. The questions led to the creation of 94 learning modules, each with its own objective. This work has been translated into learning packages.
People have a variety of different ways of finding information about money matters. The kinds of information people seek, their choice of methods, and their receptivity to information all have an impact on the best ways to communicate with them, especially at different ages. The findings from this work have strategic implications for media and public relations strategy.
The main objective of this survey is to identify behavioural and economic factors that affect risk-taking when investing. Built into this are three key research questions: How does the economic environment affect risk-taking; How do attitudes and beliefs affect risk-taking, and How do past actions (or inaction) affect risk-taking and investment choices.
View ReportUsing methods akin to a therapeutic interview, a select group of top mutual fund clients were interviewed about their advisor relationships. The in-depth personal discussions identified what key investors wanted from their advisors but didn’t get, as well as identifying the ‘secrets’ they were reluctant to share with their advisors. The selection of clients for the interview was based on an extensive analysis of unitholders and their buying patterns.
On behalf of a major securities regulator, we investigated consumer understanding of disclosure information, as well as their preferences for getting information. Preferences include usefulness of information for decision-making, timeliness, convenience, and delivery methods.
View ReportOn behalf of a major bank-based insurer, we looked at reasons why people avoid taking out coverage they are likely to need. The study focused on issues previously identified in behavioral finance research and verified their applicability in the Canadian market.
This survey investigates the use of home equity as a source of income in retirement. It looks at several different means of using home equity and what drives their usage. The study also examines management of debt in retirement. With interviews confined to people age 50 and over, both prospective and actual retiree views are compared.
View Report SummaryThis survey of some 2,000 investors looks at how advisory relationships are formed and maintained. How people get their advisor and what they expect of them are the main themes. At the product level, the study identifies products that people currently buy, as well as what people believe they can buy from their advisor. The study also identifies the kinds of advice that people expect from a financial advisor besides products. Attitudes towards advisors help frame the discussion.
View ReportThis survey of some 2,000 investors identifies the sources of information that people use to make investment decisions when they work with advisors. Criteria for buying and rejecting investments (stocks and mutual funds) are profiled in depth. The role of compensation and its disclosure, especially for mutual funds, is a critical part of the findings. Trust in the advisor is critical for understanding the results.
These studies assess how people age 35 and over learn about financial matters, especially those related to key life events. The studies assess the most critical questions people need answered when they are managing key life events, as well as the strategies and sources of information they use to get answers. The role of psychographics in shaping behaviour helps to understand what drives the strategies people use.
View Report SummaryThis study compares five creative territories and aims to identify the territory or territories likely to get the best response from the general public. The study assesses why people are attracted to a particular creative territory and the benefits likely to derive from taking a specific position in advertising.
We developed a set of questions to better understand the client experience of institutional clients, taking into account the mandates involved and larger issues in the market. Through a combination of personal and telephone interviews executed by experienced professionals, we set a baseline for gauging performance in years to come.
We worked with the senior management team of a major North American bank to create a strategy for integrating trade, cash management and FX into a coherent working capital management program. Acting as both advisor and facilitator, our work included identification of best practices, advising on client buying behaviour, competitive positioning, product integration, identification of appropriate strategies and oversight on strategy proposals. The scope of the work included domestic, Americas and international markets for both commercial and large corporate clients.
The base of the study is an analysis of information on workforce size and characteristics in the Toronto CMA. This is combined with information on talent supply to identify emerging gaps in talent by sector. The study sets out a model of the financial services workforce, as well as strategies for developing more refined assessments of talent gaps.
Over the past ten years, we have monitored advertising and public relations expenditures for a major organization, while tracking their impact on consumer awareness and web visits. This study looked at the impact that expenditures have made over that time, both on a yearly basis and cumulatively. It includes an assessment of the strategies that have worked best.
Sophisticated analytical methods were used to identify the attitudes and behaviours that distinguish top investment advisors from their colleagues. The study was based on an amalgamation of several internal databases relating to thousands of advisors. Initial analysis was guided by suggestions from an executive brainstorming session and then advanced further as initial findings pointed to new directions. The study also identified the best methods for supporting top advisors, as well as information needed to identify “rising stars”.
Thousands of pages have been written on what matters to trade clients but most is just a re-hash of well-known principles from industrial psychology. There is little proof of what aspects of service make the most difference to client loyalty and spending. In addition to interviewing benchmark competitors, our work reviewed existing research (including our own) to identify what changes client behaviour for better or worse. In cooperation with our client, we then developed a framework for comprehensive service standards for the very few things that really matter to clients. The standards are tested with clients for appropriateness and impact. A strategy for implementation is the final element of the project.
The study addressed several high level questions. How will the public sector build the capacity it needs? How does economic sustainability relate to the environment? What new types of integrated services will we see? How will the future by affected by urbanization, immigration and an aging population? These topics and more are addressed in this opinion leader study based on in-depth personal interviews with the most influential people shaping the future of the public sector, as nominated by their peers. Participants include deputy ministers, mayors, executives, association heads, think tank leaders, academics, and other selected experts. The study identifies how the public sector will develop over the next 5-10 years and why.
This study interviewed most of the major buyers of fixed income securities in the Canadian Commercial Market. The study looked at product popularity and growth trends, as well as client loyalty and relationships. Service quality was also assessed.
On behalf of a major global bank, The Brondesbury Group analyzed the competitive position of the top five trade banks in each of four global regions. The analysis focused on management structure, deployment of sales staff, handling of front and back office, product differentiation, and electronic delivery capabilities. It relied on sophisticated intelligence gathering from banks, internet and commercial databases. The competitive analysis presented to the bank’s vice-chairman was the basis for the bank’s global strategy for international business.
On behalf of an export credit agency, The Brondesbury Group looked at competition in the credit default risk market. This market has become increasingly complex and now includes export credit agencies, private insurers, investment banks and project finance units. Our analysis focused on identifying market opportunities, handling of front and back office, product differentiation, and electronic delivery capabilities. It relied on a mix of interviews with insurance/ECA competitors and senior trade bankers, as well as intelligence gathering from internet and commercial databases. The 30+ recommendations for responding to market changes help to position this ECA for the future.
The study assesses the small business practices and the resulting needs for a specific set of financially related government services. It also assesses awareness of these services, as well as identifying changes that would potentially make these services more useful when needed.
Using a variety of primary and secondary information sources, we created a comprehensive model of the Financial Services Sector (FSS) in the Greater Toronto Area. This paper presents the model and explains the nature of each sector and some of the sub-sectors. This model will be used to assess gaps in the supply and demand for talent in the FSS.
View ReportOpportunities for growth in both the Life and the P&C markets were assessed for the Toronto region with an assessment based on both market structure and dynamics. Ultimately, the study aimed to identify the types of talent needed to support specific types of market expansion.
View ReportUsing awareness measures, we looked at the impact of successive advertising campaigns to raise awareness of an online brand in selected markets. Brand attributes were assessed, as well as competitive position.
Working with a major global bank to identify cross-border and international opportunities with their North American clients by identifying new sources of information and providing guidance on their use, as well as through specialized data analysis. Also provided scripts for sales to use when prospecting for these services that help them identify the best opportunities.
The international market for large corporate property & casualty insurance is both complex and competitive, but within Canada, cross-border business is highly concentrated. A leading global P&C insurer engaged us for the third time to assess and track their changing position in the market by speaking with a select group of consultants that dominate the business. The study pointed to continued improvement in our client’s position in the market, both in terms of market share and service quality.
Used secondary research and contact with key informants to identify key issues in Asian trade and how they related to the product offerings of a global bank. This information was used to inform bankers, as well as providing the starting structure for a dialogue with the bank’s most valuable corporate clients in Asia.
Identifying profitable growth opportunities in the Canadian commercial healthcare market was the focus of this strategy study for a major Canadian bank. The work involved extensive use of secondary databases, as well as interviews with key informants. A future-oriented look that included changes in licensure and scope of practice formed part of the work.
In the mutual fund industry, efforts to stimulate growth and loyalty have often focused on providing added value to advisors. To gauge the impact of these efforts, we surveyed a targeted group of advisors and gathered their views on how effectively top fund companies provide service to advisors that adds value. Tracking information yields solid guidance to the effectiveness of the company’s efforts to attract advisor sales.
Discussions with half of all mid-sized Defined Benefit plans in Canada looked at current investment inside and outside of Canada, including investment in alternative asset classes. Looking to the future, the study assessed the likely changes in US and international investment over the next two years. Countries and regions with specific investment appeal were identified.
This extensive survey of financial advisors aimed to understand how they interact with their clients, particularly with regard to discussions of risk. The study examined ways that this public sector organization could use to work with advisors to build public awareness of financial risks and how to manage them.
Using methods akin to a therapeutic interview, a select group of top mutual fund clients were interviewed about their advisor relationships. The aim was learning what our client could do to help good advisors improve their sales and service. The in-depth personal discussions identified what key investors wanted from their advisors but didn’t get, as well as identifying the ‘secrets’ they were reluctant to share with their advisors. The selection of clients for the interview was based on an extensive analysis of unitholders and their buying patterns based on data drawn from several unitholder databases.
We worked with the Canadian Association of Accredited Mortgage Professionals (CAAMP) to upgrade their AMP designation for mortgage brokers. This involved updating course and exam contents, as well as changes to work experience requirements.
The base of the study is an analysis of information on workforce size and characteristics in the Toronto CMA. This is combined with information on talent supply to identify emerging gaps in talent by sector. The study sets out a model of the financial services workforce, as well as strategies for developing more refined assessments of talent gaps.
This is an assessment of the key long-term issues that affect the relationships between investment advisor, client, firm and regulator including suitability of advice, client communications, advisor qualifications and oversight. Using a combination of secondary research and interviews with business opinion leaders, we identify both the salient issues and the people/information most capable of helping to deal with the issues.
View ReportWorking in cooperation with Benchmark (Toronto), we helped create standards for the accreditation of mortgage brokers across Canada. Our role in this project was primarily concerned with standards for examinations and testing within mortgage brokerage programs.
The aim of this study is to support FAIR’s policy initiatives by helping to improve its investor outreach. The study was not aiming to build a strategic plan for FAIR Canada as a whole, but it did confirm the value of FAIR Canada’s role in critiquing securities policy and regulation. Using a mixture of secondary research and interviews with appropriate experts, we developed a phased strategy to help FAIR reach more of the right audiences with its messages.
Following a process designed by The Brondesbury Group, we are involved in an ongoing assessment of the suitability of preparation of licensed public accountants in Ontario. One of the projects recently led to approval of an additional accounting body in Ontario, while a more recent project focuses on reviewing an existing provider. Our work focuses on both examinations, and the integration of information related to education and work experience with exams. This is a team project involving the use of many outside experts identified by our firm.
We carried out an extensive review of both academic literature and relevant public sector reports to assess the extent to which commission-based versus fee-based compensation changes the nature of advice and outcomes for investors. The study draws clear conclusions about the impact of embedded commissions.
View ReportA major insurance education organization offers more than a dozen courses for training people in various aspects of insurance. Each course has an exam, and taken together, far more than 10,000 exam papers are written each year. Our role was to assess the quality of the exams in each course, as well as the systems which support the exam process, starting with the earliest stages of exam development and following the entire process right through to its end. The work provided the organization with suggestions for future improvements, as well as providing a base for building an item bank.
On behalf of a major securities regulator, we investigated consumer understanding of disclosure information, as well as their preferences for getting information. Preferences include usefulness of information for decision-making, timeliness, convenience, and delivery methods.
View ReportOn behalf of a major bank, we developed a financial literacy index to use for ongoing tracking. The index is based on content domains identified in a wide range of global research as translated into the Canadian environment.
We worked with the Canadian Association of Accredited Mortgage Professionals (CAAMP) to upgrade their AMP designation for mortgage brokers. This involved updating course and exam contents, as well as changes to work experience requirements.
These in-depth interviews with financial advisors focused on the kinds of learning their clients need, as well as the best way to create the necessary learning and deliver it through advisors and their firms.
The base of the study is an analysis of information on workforce size and characteristics in the Toronto CMA. This is combined with information on talent supply to identify emerging gaps in talent by sector. The study sets out a model of the financial services workforce, as well as strategies for developing more refined assessments of talent gaps.
Opportunities for growth in both the Life and the P&C markets were assessed for the Toronto region with an assessment based on both market structure and dynamics. Ultimately, the study aimed to identify the types of talent needed to support specific types of market expansion.
View ReportWorking with a professional association, which is now responsible for education and licensure of individuals seeking to run offices in this area of financial services. Our role was to help them create exam items and a coherent exam, as well as reviewing the items they create for compliance with item development standards.
Licensing bodies in several provinces are considering the possibility of moving from a single licensure exam with a single pass score to a model that has a separate exam for each content domain. Candidates will need to pass each and every exam with the same score. This paper examines the positive and negative impacts of this approach, as well as strategies for mitigating some of the potential problems.
This study, a repeat of a 2009 survey, monitors high school students financial confidence and behaviour, as well as their preferences for financial education and the financial topics most likely to engage their interest. The survey shows that by the time Ontario students finish high school, most will have experience at earning money, but they are not prepared with the skills they need to manage money for the future.
View ReportHow much do people in Ontario know about money and investing? That was the big question Investor Education Fund tackled recently. In October 2010, The Brondesbury Group developed a study of investor knowledge on behalf of the IEF and managed a survey of 1,000 people across the province. The survey included more than 20 questions about investing, borrowing and financial planning. The focus was knowledge that an informed citizen might be expected to know rather than basic questions of financial literacy.
View ReportThe Exempt Market for securities is an investment market where businesses can be funded without a prospectus if they meet regulatory criteria. With the rise of crowdfunding and the need for capital in the SME market, this study looks at the strategies that can be used to spur investment in SME while still ensuring investors are adequately protected.
View ReportPeople have a variety of different ways of finding information about money matters. The kinds of information people seek, their choice of methods, and their receptivity to information all have an impact on the best ways to communicate with them, especially at different ages. The findings from this work have strategic implications for media and public relations strategy.
Developed and analyzed a study to assess knowledge of selected regulatory matters among bank branch staff using mystery shopping techniques. The study looked at both staff direct knowledge and knowledge of how to refer people to appropriate sources that could provide needed information.
Beginning with a detailed database describing over 600,000 personal bankruptcies, we identified the changing nature and demands of personal bankruptcies in Canada since 1998. This was supplemented with two trustee surveys: one focusing on work activities and the other on changes in revenue and expenses. The implications of the findings for trustee work demands and compensation were identified.
Sophisticated analytical methods were used to identify the behaviours that distinguish top investment advisors from their colleagues. A thorough analysis of well over 600 variables led us to fewer than 20 variables and three driving forces that really mattered. The study was based on an amalgamation of several internal databases relating to thousands of advisors. Initial analysis was guided by suggestions from an executive brainstorming session and then advanced further as initial findings pointed to new directions. The study also identified the best methods for supporting top advisors, as well as information needed to identify “rising stars”.
We used the commercial banking database of the bank combined with our knowledge of international services to develop a model that tiered clients based on their probability of using international banking services. Using game theory methods, we also created a suggested calling program detailing the best sectors and areas to mine. We also provided scripts for sales to use when prospecting for these services that help them identify the best opportunities.
Beginning with a StatCan database that provides a detailed description of people’s activities and timing, we extracted a sample of 10,000 households over the age of 60. A sophisticated analysis of activities led us to the conclusion that there are seven distinct retirement lifestyles. We named and described these lifestyles and their characteristics, including the income levels needed to sustain each lifestyle at a minimal, a typical and a very comfortable level.
For each of ten global regions, we created robust mathematical models predicting bank performance in trade services for the following two years. The model consisted of a set of variables documenting client retention skills and another set evaluating client acquisition skills. The model provided guidance for changes needed to improve competitive position.
This study identifies 3-5 segments setting out Financial Life Stages of Older Canadians. The initial basis for the segments came from customized analysis of several databases including the StatCan Survey of Financial Security and others. Segments identified from database analyses were tested with an extensive survey of Older Canadians, allowing us to refine the segment definitions.
View ReportThis in-depth analysis looks at users of student loan programs compared to their cohort, as well as the factors that affect the progress of repayment of their loans. Millions of records of the Canada Student Loans Program combined with information from the Longitudinal Administrative Database were subjected to sophisticated analysis that led us to identify payment and default behaviour.
A major insurance education organization offers more than a dozen courses for training people in various aspects of insurance. Each course has an exam, and taken together, far more than 10,000 exam papers are written each year. Our role was to assess the quality of the exams in each course, as well as the systems which support the exam process, starting with the earliest stages of exam development and following the entire process right through to its end. The work relied on extensive item analysis, and on completion of the study, we were able to provide the organization with a mathematical model to dictate the action required for questions.
Hydro One has a small number of wholesale clients which each have a high volume. Service quality ratings for Hydro One are quite high but they aim to do better. Finding drivers that will achieve substantial improvements in overall quality is difficult, especially when the number of companies involved is small and the number of variables much larger. Robust regression techniques were used to generate stable predictors, as they are more appropriate than standard regression analyses in small samples. We then developed new measures of gain from service improvements based on extending principles from economic game theory, which were used to guide service improvement.
Industrial Equipment financing is a highly competitive business. This study combined internal database information about clients with targeted survey data to quantify the impact of service and pricing on winning bids and retaining clients. Creating a new metric based on game theory, we could estimate the potential revenue value of changes in account manager handling of bidding opportunities.