Canada’s Big Six banks are often viewed as a monolith — a largely homogenous force that dominates the Canadian financial services sector. Yet, the data obtained for Investment Executive‘s 2017 Report Card on Banks indicate that the banks’ branch-based investment businesses are far from identical.In fact, the results of this year’s Report Card reveal that the banks appear to be taking different approaches to this segment of their retail financial services business. Drilling into the data for each bank reveals a wide gap in the size of the books that branch-based financial advisors are running, their productivity levels and the compensation they’re receiving. Pension plans leave much to be desired At some banks, branch-based advisors resemble full-service advisors at brokerages and dealers; at others, they appear to be positioned much closer to traditional frontline retail bankers. These differences in approach, coupled with data that can be particularly volatile because of relatively small sample sizes, suggests that there’s a wide range of variation in the banks’ investment businesses. Big differences among banks’ advisors National Bank of Canada This year’s survey appears to be capturing an older, more experienced segment of National Bank’s retail sales force as average age and industry experience are both up year over year. Yet, at the same time, average assets under management, client numbers and productivity are all down from 2016. Report Card on Banks 2017: Editors discuss key themes Big differences among banks’ advisors Share this article and your comments with peers on social media Big differences among banks’ advisors Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Report Card on Banks 2017 main chart Author: James Langton Source: Investment Executive Research Copyright: Investment Executive × Canadian Imperial Bank of Commerce CIBC advisors report some of the largest books on the Street as their average assets under management are $138.9 million, which is more or less unchanged from last year. At the same time, CIBC advisors report lower client numbers than they did a year ago. As a result, their productivity is up, indicating that these advisors are focusing increasingly on their larger clients. Big differences among banks’ advisors Big differences among banks’ advisors Bank of Nova Scotia Scotiabank advisors appear to be operating in a much different environment than most of the other big banks. They report notably smaller books in terms of average assets under management (AUM); yet, their client rosters are also much larger than those of their counterparts at the other banks. As a result, their average productivity, as measured by AUM/client household, is notably lower as well while their compensation is particularly skewed toward the lower end, with 95.5% reporting that they earn less than $100,000. Bank of Montreal BMO has one of the youngest branch-based sales forces in the survey, with an average age of 39.4 years old. That said, advisors’ average age and average industry tenure is up by about two years from 2016, indicating that this year’s survey is capturing a slightly older sample. In addition, their reported compensation is skewing higher as well, with only 25.7% of BMO advisors earning less than $100,000 annually according to this year’s survey, down from 46.9% last year. Toronto-Dominion Bank Advisors with TD Wealth Financial Planning, a division of TD Bank, report significant growth in their books, with average assets under management rising to $84.8 million from $59.5 million in 2016. Some of the increase may reflect differences in the sample, as the TD advisors surveyed were notably older and more experienced, on average, compared with last year. They also are among the best-paid advisors on the Street, with 39.4% of TD advisors reporting that they earn in excess of $250,000 annually. Royal Bank of Canada RBC appears to have one of the older, more experienced, higher-end sales forces on the Street. The average RBC advisor is 45.3 years old, with 20.8 years of experience in the business. With average assets under management (AUM) at $117.3 million and AUM/client household averaging $533,512, RBC advisors are also running some of the banking channel’s biggest, most productive books. They are also rewarded for their bigger books as 78.9% of RBC advisors are earning in excess of $100,000 a year. Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Banks are failing to meet expectations Banks deliver on clients’ online access Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Related news Big differences among banks’ advisors Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Big differences among banks’ advisors James Langton Keywords Report Card on Banks Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Facebook LinkedIn Twitter
Ubisoft criticised for sourcing Watch Dogs Legion music through Joseph Gordon-Levitt’s HitRecordUPDATE: Publishers stresses that voluntary contributions gives fans a chance to “have their own creative expressions” in the gameJames BatchelorEditor-in-ChiefTuesday 16th July 2019Share this article Recommend Tweet ShareCompanies in this articleUbisoftOriginal Story 15/07/2019: Ubisoft has announced another partnership with Joseph Gordon-Levitt’s collaborative creativity platform HitRecord — and attracted the ire of games composers in doing so.The Inception actor’s initiative sees creators and fans working together online on music, art, writing and more, and then pays users for their contribution to the final product.Ubisoft has previously teamed up with HitRecord to create assets for Beyond Good & Evil 2, and has now announced a partnerships to source music for the upcoming Watch Dogs Legion.Both times have been positioned as giving fans the chance to get their creations into an upcoming AAA game, but industry professionals on Twitter take a different view.A multitude of composers and developers have called this out as “exploitative” and “underpaid” spec work — a claim Gordon-Levitt has previously disputed — and urged players not to take part.Detractors include prominent indie Mike Bithell, Cadence of Hyrule composer Danny Baranowski, Reigns: Game of Thrones composer Ryan Ike, Neo Cab narrative designer Bruno Dias, former RuneScape developer James Sweatman and Game Workers Unite’s Los Angeles chapter.Several also observed that Joseph Gordon-Levitt himself is a union member and does not work for free, and yet is enabling a billion-dollar games publishing to get its fans to do just that (if creators’ contributions are not used in the final game, they are not paid for their time).Ubisoft claims it will pay $2,000 for each song that makes it into Watch Dogs, and is searching for ten songs in total. The first payments are expected in January 2020, with the $2,000 to be split between everyone who contributed to the song, including writers, musicians and singers.GamesIndustry.biz has reached out to Ubisoft for further comment.Related JobsSenior Game Designer – UE4 – AAA United Kingdom Amiqus GamesProgrammer – REMOTE – work with industry veterans! North West Amiqus GamesJunior Video Editor – GLOBAL publisher United Kingdom Amiqus GamesDiscover more jobs in games Update: Ubisoft has released a statement defending its use of HitRecord to source in-game music from fans.Shared via Twitter, its states: “The Watch Dogs: Legion Audio team worldwide is already working with professional artists and composers on more than 140 licensed songs, and an original score in the game.”The additional contributions — no matter how large or small — from anyone within the HitRecord community are completely voluntary, and are meant to give them a chance to have their own creative expressions included in the game.”Celebrating employer excellence in the video games industry8th July 2021Submit your company Sign up for The Daily Update and get the best of GamesIndustry.biz in your inbox. Enter your email addressMore storiesUbisoft posts record sales yet again, delays Skull & Bones yet againPublisher moves away from target of 3-4 premium AAA titles a year, wants to build free-to-play “to be trending toward AAA ambitions over the long term”By Brendan Sinclair 6 hours agoFirst-party Ubisoft titles will now be branded as ”Ubisoft Originals”Change was made alongside the announcement of new Tom Clancy titleBy Danielle Partis 1 days agoLatest comments Sign in to contributeEmail addressPasswordSign in Need an account? Register now.