"Suggests that the majority of affluent investors...often turn to advisers in full service and independent firms...."

1. Voices of Wealth:
Canadian Affluent Investor Report
What high-net-worth investors say they want from
advisers, brokers and information sources.

2. Canadian Affluent Investor Report
In a recovering market, the most important asset that advisers and wealth managers can
offer their clients is this: meaningful financial insight. The critical decisions advisers make and
the guidance they offer clients to help them prosper must be informed by timely intelligence
on breaking events and emerging market developments. These are the basis for confidence-
inspiring insight. More importantly, decisions that result must be based on reliable information.
What Advisers Should Know Who Participated In The Study?
What’s expected of advisers is clear. But how well do these The online study was conducted in October 2010 among
expectations match the desires and needs of their clients? a random sample of Canadian affluent investors, obtained
Since 2002, Dow Jones has commissioned independent, from an external customer panel. The panel was not aware
biennial studies of affluent investors in the United States that Dow Jones had commissioned the study.
to uncover what they read, what they want and what they
expect from their advisers and wealth managers. In 2010, • Minimum age for participation was 25 years old.
we expanded the study to include research on affluent • Majority of participants (66%) were 50 or older.
investors in Canada.
The qualifying financial threshold was $250,000 or more
This report reflects the results of the Canadian study in investable assets such as stocks, bonds, mutual funds,
completed in October 2010 by the independent firm etc., excluding retirement vehicles, such as RSP plans.
Opinion Research Corporation, based in Princeton,
Extrapolating results across the population of Canadian
N.J. The study targeted a random sample of Canadian
affluent investors yields a +/- 6.7% margin of error at the
affluent investors age 25 or older with at least $250,000 in
95% confidence level.
investable assets (excluding RSP and other retirement plan
contributions); ultimately, 209 respondents participated. Investors identified a wide variety of firms they use to
help them make investment decisions, from full-service
This report is their voice. In the following pages, you’ll to independent to online/discount firms. About 50% use
learn more about who they are and what they expect. more than one type of firm.
You’ll see that their opinions on the quality of various news
services are remarkably consistent. In addition, you’ll find By the designated field closing date in October 2010, 209
a few suggestions for improving your contact strategy with affluent investors had participated in the study. Here’s a
survey input that can help you focus your communications snapshot of who they are:
on the issues that matter to your most important audience:
affluent investors. ASSETS:
• $250,000 - $999,999: 70%
• $1 million - $2,999,999: 19%
High Points At A Glance: • $3 million or more: 10%
• Primary source for helping investors make investment HOUSEHOLD INCOME:
decisions: The Globe & Mail
• $99,999 or less: 13%
• Highest-ranked financial news source for credibility, • $100,000 - $249,999: 55%
accuracy, trustworthiness and usefulness: The Wall • $250,000 or more: 32%
Street Journal
AGE:
• News source respondents most prefer their adviser/
• 49 and under: 33%
wealth manager to use: Dow Jones
• 50 and over: 66%
EDUCATION:
University or Higher Degree: 82%
You might select a news service for your advisers’
needs. But what about your clients?
Page 2

3. Canadian Affluent Investor Report
Affluent households own a wide variety of assets and investments, and mo
Goals of the Study Figure 2: Assets/Investments Owned
investments like stocks and mutual funds.
Respondent assets represented a wide range of investments, led
The aim of the 2010 Canadian Affluent Investor Study was to Assets/Investments Owned by Household
by stocks, mutual funds, CDs and bonds.
gain a better understanding of opportunities within three key
investment firm categories: Full Service, Independent and Stocks
Online/Discount investment firms. Mutual Funds
Money Market Funds
Specifically, the study’s key objectives were to: Bonds (excluding Government Securities)
Certificates of Deposit (CDs)
• Identify affluent investors’ primary sources of financial Real Estate Investment Trusts (REITs)
news, information and advice (figure 1) Exchange Traded Funds (ETFs)
• Assess investors’ perceptions of news and information Government Securities/Treasuries
Non-Domestic Stocks (ADRs, GDRs, etc.)
services
Options
ir primary source, investors’ relationships with their firm cited. One-quarter of affluent Futures (stock, currency, etc.)
• Explore Globe & Mail is the most frequently and adviser
rs use Globe Mail as their primary source, 11% rely on their brokerage firm’s website Alternative Investments
use any • Gauge investors’ usage of, and satisfaction with, online/
Dow Jones brand. Commodities
discount services
Annuities Variable/Fixed
Primary Source of Financial News Used to Help Inform Investment Decisions
Hedge Funds
Total
Figure 1: Primary Source of Financial News IRAs
Unit Investment Trusts (UITs)
Globe & Mail Other Foreign Investments
Your brokerage firm’s website Other Investments
Any Dow Jones Brand
Q1. Please indicate which of the following types of assets/investments, excluding retirement savings plans (RSPs), you or othe
ROB-TV household now own. Select all that apply.
National Post Not only do they want a more collaborative relationship with
Base: Total (n=209)
Yahoo! Finance
advisers and wealth managers, but they are choosing more
Wall Street Journal independent channels through which to invest. In fact, close
Bloomberg News
to a third of affluent investors use independent firms.
CNBC Sources with < 2%:
Morningstar Barron’s Affluent investors seek out sources with the highest quality
Dow Jones
Big Charts financial information—and expect their advisers/wealth
managers to do the same.
Business Week
MarketWatch Forbes
Associated Press
CNN Money
MSN Money
“ ffluentinvestorsarechoosingmore
A
Financial Times Fox Business News
Toronto Star Smart Money
independentchannelsthroughwhich
Fortune
Google Finance Motley Fool
toinvest...”
Reuters Thomson
TMX Money Investor’s Business Daily
Street.com
Briefing.com
Which one do you consider to be your PRIMARY source of financial news to help inform your investment decisions?
Total (n=209)
Key Insight
ones brand comprised of The Wall Street Journal, Dow Jones, MarketWatch, Barron’s, Smart Money and Big Charts.
13
The 2010 Canadian Affluent Investor Study suggests that
the majority of affluent investors, who own a wide array of
investments (figure 2), often turn to advisers in full-service
and independent firms when making financial decisions. In
addition, 61% of affluent investors rely on their adviser when
seeking financial or investment advice.
Page 3

4. Canadian Affluent Investor Report
What news sources emerged as most important? When
Types of Firms Affluent Investors Use asked to identify the financial news sources they use to
The majority of investors surveyed use Full Service firms inform investment decisions, respondents cited The Globe
(81%). Close to three-quarters of respondents consider Mail most often (56%), followed by “Any Dow Jones Brand”
full-service firms as their primary investment firm type with 43%. Dow Jones led the next most popular choice (The
(71%). Still, half of these investors have used multiple firms National Post at 34%) by 9 percentage points, and the next
(including Independent and Online/Discount firms) but only a financial news media, Bloomberg (23%), by 20 percentage
small minority (10%) consider Online/Discount firms as their of these affluent investors use Globe Mail. Slightly fewer than one-half use a
The majority points (figure 5).
Half of these investors use more than one financial services firm. And, full service firms are
primary choice (figure 3). using independent or online/discount firms. brand of financial news to help inform their investment decisions.
most commonly used with far fewer
Dow Jones
Figure 5: Any Sources of Financial News Used to Help
Figure 3: Types of Investment Firms Used Used
Types of Investment Firms Any Sources of Financial News Decisions
Inform Investment Used to Help Inform Investment Decisions
Total
Any Primary Globe Mail
Any Dow Jones brand
National Post
Brokerage firm’s website
Full Service
Bloomberg News
Dow Jones
Wall Street Journal
Business Week
CNN Money
Independent
ROB-TV
Yahoo! Finance
Financial Times Sources with 5%:
CNBC MSN Money
Morningstar Thomson
Online/Discount
TMXMoney
Toronto Star
Big Charts
MarketWatch
Barron’s
Forbes Smart Money
50% use multiple firms
Associated Press Investor’s Business Daily
Q4a/l. During the past 6 months, with which of the following financial services firms have you invested or traded? Select all that apply. Google Finance
The Street.com
Q4B. Which one of these firms would you consider to be your primary investment firm? 0 Briefing.com
News Sources Affluent Investors Trust
Base: Q4 (n=194) Q4I (n=177) Fortune
Fox Business News
Reuters
It’s not surprising that financial advisers/brokers were the top The Motley Fool
source of investment advice for affluent investors (figure 4).of these sources of financial news do you use to help inform your investment decisions? Select all that apply.
Q13A. Which
Base: Total (n=202)
And given several choices, a significant number of investors comprised of The Wall Street Journal, Dow Jones, MarketWatch, Barron’s, Smart Money and Big Charts.
Dow Jones brand
12
indicated that they prefer their adviser use Dow Jones as the “ alfoftheinvestorsinthisreportuse
H
source of information when providing investment for financial and guidance.
Affluent investors are, by far, most likely to rely on an advisor/broker
investment advice. Many also use news and info websites and business/financial
multiplefirmsfortheirinvestmentsbut
publications.
Figure 4: Sources of Investment Advice
Sources Rely on for Financial or Investment Advice
only10%consideronline/discount
Total
firmsastheirprimarychoice...”
Rely On Rely on Most
Financial Adviser/Broker
News and Information Websites
Business/Financial Publications
My Brokerage Firm's Website
Financial TV Programming
Financial Planner
Colleague/Friend
Spouse/Other Family Member
Accountant/CPA
Other
Q10. Which of the following do you rely on for financial or investment advice? Select all that apply.
Q11. Which do you rely on most for financial or investment advice? 11
Base: Total (n=209)
Page 4

5. Canadian Affluent Investor Report Significantly more affluent investors prefer their broker/advisor use Dow Jon
other financial news sources when advising them on investment decisions.
Financial News Source Prefer Advisor/Broker Use
- Among those who have a financial advisor/broker at a full-service or inde
Figure 7: Financial News Source Investors Prefer
Key Insight Adviser/Broker Use
When asked which source they would choose if they were
restricted to just one for financial news nearly a third of
Dow Jones
the randomly selected participants in the 2010 Canadian
Affluent Investor Study (30%) chose The Globe Mail
as their source for financial news, with “Any Dow Jones
Bloomberg
Brand” following (19%). Other competing financial news
uld only use one news source for financial news, nearly one-third of affluent
sources trailed, with Yahoo! Finance at 7%, Bloomberg
would choose Globe Mail and a fifth would choose a Dow Jones Brand.
News at 6%, Financial Times at 5%, and all others at less
Reuters
than 5% (figure 6).
Financial News Source of Choice
Total
Figure 6: Financial News Source of Choice
Yahoo! Finance
Globe Mail
Any Dow Jones Brand The Street.com
Wall Street Journal
Yahoo! Finance Google Finance
ROB-TV
Measurable Value
National Post
Bloomberg News
Respondents rated eight financial news sources they knew well
Q20. And which of these financial news sources would you prefer your broker or financial advisor use when they are advising you
Dow Jones decisions? on a five-point scale from Poor to Excellent. The Wall Street
Financial Times
Journal was rated Excellent/Very Good by 58%, while next-best
Base: Use full-service or independent firm and have a broker/financial advisor (n=126)
Sources with 2%: MarketWatch was rated Excellent/Very Good by 51% (figure 8).
Morningstar Market Watch
CNN Money
CNBC
Toronto Star Figure 8: OverallThe Wall Street Journal and MarketWatch an “Excellent” or “Very Good”
More than half give
overall rating. Rating for Financial News Sources
Reuters
Big Charts Among those who are somewhat, very or extremely familiar with
Google Finance Overall Rating for Financial News Sources
Forbes each source. those who are somewhat, very or extremely familiar with each source -
- Among
Fox Business News
TMX Money “Excellent/Very Good”: 58% 51% 48% 47% 45% 40% 37% 35%
13%
Excellent 19% 9%
More importantly, investors clearly expect their advisers and
11% 8% 11%
ould use only one of these financial news sources, which one would you choose? 9%
Very Good 7%
ho provided an answer (n=202) 14
wealth managers to use the news sources they themselves
and comprised of The Wall Street Journal, Dow Jones, MarketWatch, Barron’s, Smart Money and Big Charts. Good
Fair
36%
39%
36%
29% 28%
rate highly. When asked which financial news source their 40% 40% 28%
Poor
advisers turned to most often, investors believed Dow Jones
was at the top of the list (48%), 33 percentage points ahead 33%
43%
35%
41% 42% 43%
38%
31%
of second-place Bloomberg News (15%).
11% 8%
14%
When asked to select the financial news service they would
16% 1% 18% 18% 19%
26%
prefer their advisers/wealth managers to use when advising The Wall Market- Bloomberg- Barron’s Dow Jones Yahoo!
1%
1%
Google
them on investment decisions, affluent investors picked Dow
Street Watch News (n=74) (n=170) Reuters
Finance (n=143) Finance
Journal (n=75) (n=120) (n=97)
(n=167) (n=97)
Jones first (47%) among the six choices, ahead of second-place Q14A. How would you rate each of the following financial news sources overall?
Base: Familiar with each financial news source 16
Bloomberg News (29%) by 18 percentage points (figure 7). By every measure of value, including credibility, accuracy,
trustworthiness and usefulness, investors rated The Wall
The message is unambiguous: the most reliable news, Street Journal more highly than four other competing
information and analysis comes from Dow Jones. sources devoted to financial news, including Bloomberg
News, Yahoo! Finance, Reuters and Google Finance. For
overall excellence, more than half of respondents rated The
Wall Street Journal and MarketWatch Excellent and Very
Good overall, ahead of Bloomberg News, Yahoo! Finance,
Reuters and Google Finance.
Page 5

6. Canadian Affluent Investor Report
Credibility of News Sources? Adviser Contact Strategies
When asked to rate the credibility of news sources, the survey The 2010 Canadian Affluent Investor Study suggests greater
revealed that The Wall Street Journal was rated more highly opportunities for advisers and wealth managers to increase
than competitors, with Excellent / Very Good ratings of 58%. both the volume and value of their client contacts.
The next two rated most credible were Bloomberg (56%) and
Dow Jones (52%) (figure 9). When asked how frequently their advisers/wealth
managers contacted them, more than half of respondents
Figure 9: Street Journal Ratings for Financial News Sources
The Wall Attribute enjoys better ratings than all other financial news sources on (56%) reported 1-4 contacts in the last six months (figure
Among those who are somewhat, very or extremely familiar with
across all measures.
10). Only 14% reported 10 or more contacts in the given
each source. Attribute Ratings for Financial News Sources
- Among those who are somewhat, very or extremely familiar with each source - six-month period. The most prevalent mode of contact is
58%
56% 52%
Excellent/Very Good
by telephone, at 76%, with email the second-most popular
Credibility 30%
44%
25%
method at 59%.
Almost all have been contacted by their financial advisor/broker in the past six months,
most often between one and four times.
57% Figure 10: Number of Times Contacted by Financial Adviser/
43% 44%
31%
39% Broker in Past Six Months
Among those who have an adviser/broker at a full service or Six Months
Number of Times Contacted by Financial Advisor/Broker in Past
25%
Accuracy
independent firm have an advisor/broker at a full-service or independent firm -
- Among those who
57%
49%
46%
41%
33%
Trustworthiness 24%
None
43%
39% 39% 40%
29% 29%
Usefulness
The Google
1-4 times
Bloomberg Yahoo!
Wall Street Dow Jones Reuters Finance
News Finance
Journal (n=92) (n=67) (n=46)
(n=96) (n=59) (n=55)
Q14B. How would you rate the following financial news source on these dimensions?
Base: Familiar with each financial news source 0
5-9 times
How Can Advisers Improve Their
Client Relationships? 10 times or more
Overall, the 2010 Canadian Affluent Investor Study offers
advisers and wealth managers great news and insights
that can help them improve client relationships. More When asked for their preferred topics of discussion,
than six in 10 respondents (61%) indicated that they respondents cited retirement planning, tax strategies,
were either Extremely Satisfied or Very Satisfied with their diversifying the times they have sent you financial statements.
Please do not include investments, estate planning and alternative
Q23. Approximately how many times in the past 6 months has your financial advisor/broker at [FIRM] contacted you (either in person, by phone, or e-mail).
25
adviser or wealth manager (17% and 44%, respectively). investments, in that order, as the subjects of greatest interest
Base: Use full-service or independent firm and have an advisor (n=124)
And more respondents cited advisers/wealth managers (figure 11).
as the source they turned to for investment advice than
any other single source (61%). Figureare most likely to get or be interested in getting advice from their advisor/broker on
They 11: Topics Advised On/Would Like To Be Advised On
retirement planning, tax strategies and diversifying investments.
Among those who have a financial adviser/broker at a full service
Although advisers should be pleased with these or independent firm Advised On/Would Like To Be Advised On
Topics
numbers, they are no cause for complacency. There
- Among those who have a financial adviser/broker at a full-service or independent firm -
Currently/interested in being advised:
are still areas that could be better served. The majority 70% 69% 64% 48% 46% 42% 31% 19% 18% 16% 10% 9%
of respondents (66%) are 50 or older, but 44% of all
respondents have not developed a retirement plan with
their adviser. Fully 19% of respondents have had no
contact at all with an adviser in the past six months.
And one-third of investors (33%) reported they were only 13%
Somewhat Satisfied with their adviser. Because the most
13%
satisfied clients tend to entrust advisers/wealth managers
with more assets, advisers who would like to increase
their book of assets under management need strategies Retirement
Planning
Tax Diversifying
Strategies Investment
Estate
Planning
Alternative Emerging
Investments Markets
Regulatory
Changes
Education
Planning
Long-term
Care
Charitable
Giving
Elder
Care
My Business/
Profession
to help them shift more clients from Somewhat Satisfied Currently Interested
to Very Satisfied. Q29. Does your financial advisor/broker currently advise you on any of the following topics? Select all that apply.
Q30. Which of the following topics would you like your financial advisor/broker to discuss with or advise you on? Select all that apply. 22
Base: Use full-service or independent firm and have an advisor (n=126)
Page 6

7. Canadian Affluent Investor Report
Sixty-seven percent of respondents said their advisers
regularly send them newsletters, which more than three-
Key Insight
quarters of those recipients said they read regularly. Of those Advisers and wealth managers have a lot to gain by
who do not receive a newsletter, more than half expressed increasing the number of contacts with clients. But to make
interest in getting one from their adviser (figures 12, 13). these contacts meaningful—whether by newsletter, email,
phone or in person—communications should be initiated
Figure 12: Adviser/Broker Provided Newsletters
Many receive newsletters from their adviser/broker and most read them ‘usually’ or ‘always’.
on subjects that clients want to discuss most.
Most investors read the newsletters they receive from their
Adviser/Broker Provided Newsletters
adviser/broker who have an adviser/broker at a full-service or independent firm -
- Among those Affluent investors are more likely to contact their adviser in
Regularly Receive Newsletter Frequency of Reading Newsletter
search of broader advice than when making specific trades
- Among those receiving newsletter from adviser/broker -
(figure 14).
Figure 14: Reasons for Financial Adviser/Broker Contact
Do not Receive Always
receive 67%
33% Among those who have an adviser/broker at a full-service or
Usually independent firm
Occasionally
Never
Most of those investors who do not receive newsletters from their financial advisor are
somewhat interested in receiving them.
Figure 13: Adviser/Broker Provided Newsletters
Advisor/Broker Provided Newsletters
Q32. Do you regularly receive a newsletter with news and insights from your financial adviser?
Most- investors who have aninterest in receiving newsletters firm -
Among those have an advisor/broker at a full-service or independent
Q33. How often do you read the newsletter? 26
Base: Q32 - Use full-service or independent firm and have an advisor (n=119), Q33 – Use full-service or independent firm and receive newsletter (n=80)
Regularly Receive Newsletter Interest in Receiving Newsletters
- Among those who do not currently receive a newsletter -
“Extremely/Very” interested: 22%
Receive Do not
67% receive
Extremely interested
33%
Very interested
Somewhat interested
About Dow Jones Solutions For Financial
Not very interested
Not at all interested
Services Firms
Dow Jones provides actionable content and access for
financial services firms that want to ensure their advisers,
wealth managers, online traders, private bankers and
Q32. Do you regularly receive a newsletter with news and insights from your financial advisor?
investors have the most trusted, credible and timely
Online Trading news and insight to drive business growth. We help
Q34. How interested would you be in receiving a monthly or quarterly newsletter from your financial advisor at {FIRM) 27
Base: Q32 - Use full-service or independent firm and have an advisor (n=119) Base: Q34 - Do not receive newsletter (n=46)
our customers gain greater confidence and increase
Only a small portion of respondents said they invest through productivity to sustain a competitive advantage.
discount or online brokerage services. In fact, nearly three-
quarters of affluent investors (81%) said they manage their To learn more about Dow Jones’s Wealth
investments through Full Service firms, while fewer than a Management Solutions, visit
quarter (22%) invest through Discount/Online firms. This dj.com/wealthmanagement
underscores the important role of advisers in the decisions
made by affluent investors.
By this measure, investors are clearly choosing the value of
working with a trusted adviser who knows a client’s needs
and can help make sense of the daily barrage of undigested
market news and information.
Page 7

8. Canadian Affluent Investor Report
Resources You Can Use
Dow Jones provides these solutions to help enhance your value to high-net-worth clients.
Objective Solution
Dow Jones News Service (North America)
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Jones NewsPlus, an easy-to-navigate Web-based companion
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Dow Jones Adviser
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