While big banks back most online brokerages in Canada, two independent operations based in Vancouver have been outperforming the competition consistently for years.
After two years away from the top spot in the Globe and Mail’s annual ranking of online brokers, Qtrade Investor regained its No. 1 status and received an ‘A’ grade on the list released November 26.
The Vancouver-based brokerage has been ranked first for seven of the past nine years without the infrastructure and resources competitors backed by big banks rely on.
“We really strive to be very fast, and nimble and efficient,” said Joel Bernard (pictured below), vice-president of Qtrade Investor.
“Our team spends a lot of time trying to understand and keep current on investors’ needs, and the latest tools and research that are available for investors.”
Rankings released November 21 by Surviscor, which analyzes online services, placed Qtrade Investor at No. 4 in Canada when it comes to discount online brokerages.
BMO InvestorLine and Scotia iTrade took the top two spots, while Vancouver-based independent brokerage Credential Direct placed third. Credential Direct ranked eight on the Globe and Mail’s latest list.
Ron Cann, vice-president of marketing communications at Qtrade Financial Group, said the difference between independent brokerages on the West Coast and those backed by larger banks is “the level of hunger” within the corporate culture.
“There is a drive over here that is insatiable and contagious as far as how quickly we’re able to move and how quickly we expect ourselves to move,” he said.
