Even though the U.S. and Canada share a border, the differences between advisors in each country are vast, especially when it comes to digital marketing and technology.

For example, while 95% of U.S. advisors in a Broadridge Financial Solutions survey believe they have enough marketing support from their parent firms to grow their practice, only 59% of Canadian advisors said the same – and 15% of Canadian advisors reported receiving no marketing support from their firms whatsoever.

Broadridge discovered the stark divide between U.S. and Canadian advisors, especially on their outlooks on technology and digital marketing, in a survey of more than 250 advisors and financial planners that was fielded in June. While 67% of U.S. advisors reported feeling satisfied with the tools they were provided to interact with clients, just 17% of Canadian advisors said the same.

That survey drilled down and found that U.S. advisors were more likely than Canadians to say they are provided tools for e-mail marketing (69% for U.S. advisors versus 53% for Canadians), digital media promotion (61% versus 26%) and website creation (60% versus 41%).

In an era where most communications have moved online, Canadian advisors are at a distinct disadvantage to their peers in the U.S. – while 100% of the U.S. advisors in the survey reported using social media in their client interactions, just 8% of the Canadian respondents said the same.

U.S. advisors were also more likely to use customization  in their  client communications, according to the survey, and were more likely to offer personalized analysis of existing investments and share new ideas for investment vehicles than Canadian advisors, while Canadian advisors were more likely to prioritize offering a comprehensive view of client accounts and sharing money-saving tips.

"As wealth management firms across North America look to attract and retain talent, they should be aware that one in two financial advisors often think about leaving their firm to join one with better technology," said Donna Bristow, managing director at Broadridge Financial Solutions, in a released comment. "In particular, Canadian firms have an opportunity to improve the marketing and social media tools they provide to their financial advisors in order to enable better digital communications, investor engagement and opportunities for business growth."

The survey of 254 financial planners and advisors in the U.S. and Canada was fielded in June 2020 by Research Knowledge and Insights.