Broker satisfaction high among Aussies
Australia ranks among the lowest for switching activity between brokers among eight international markets, with only four per cent of online investors choosing to leave their current broker for another in the last 12 months, according to Investment Trends.
The ‘2017 First Half Online Broking Report’ showed that despite this positive result, switching activity among frequent traders – those who trade at least once a week on average – rose slightly from four per cent to six per cent.
Investment Trends research director, Dr Irene Guiamatsia, said that low switching levels were in line with higher client satisfaction levels with brokers in the last six months.
However, she added that “brokers can’t afford to rest on their laurels and must deliver a proposition that not only meets the needs of mum and dad investors, but also the more sophisticated, frequent trader”.
“Mobile platform functionality is among the fastest growing drivers of switching intentions at the moment, with the proportion of switchers who cite this increasing three-fold in the last 12 months.”
Meanwhile, Australian online investor numbers were on the rise after stalling in 2016, with 635,000 unique individuals placing at least one share trade in the 12 months to May 2017, up from 605,000 six months ago. A record 535,000 individuals continued trading equities actively over the last 12 months.
The monthly Investor Intentions Index showed Australians’ investment outlook had become increasingly volatile, suggesting participation would likely continue to be very reactive to market performance.
Average concern levels of investors with the world’s financial markets out of 10 stood at 6.5 in December 2015, 6.4 between September and December 2016, and six as at June 2017.
While Bell Direct led in overall satisfaction, CMC Markets Stockbroking had the most satisfied clients for charting and website navigation, while the largest player, ComSec, led in satisfaction with the mobile platform.
AUTHOR
Malavika Santhebennur
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