GT247 is the Top Stockbroker of the Year, surging from a tie for third last year to displace Standard Online Share Trading/Stockbroking from top spot.
Sanlam Private Wealth/iTrade Online wins our inaugural award as SA’s top telephone-based broker and IG South Africa is SA’s top online broker.
The survey format changed substantially this year with more emphasis placed on specific offerings to clients and client satisfaction ratings, and less emphasis on how stockbrokers would cater to different client archetypes. An important facet of this year’s survey was to provide more recognition to telephone brokers, those that still give old-fashioned investment advice to clients and who focus on building long-term relationships.
The People’s Choice award goes to DWT Securities with special recognition to GT247 for providing the best tax-free savings account and to Vunani Private Clients for having the best CFDs offering.
Intellidex’s survey of SA’s stockbrokers is in its sixth year and has established itself as the leading assessment of the industry. The survey is conducted by Intellidex, a specialist financial research house.
The structure and nature of the survey has been informed by our experience built up over the past five surveys, as well feedback from the stockbroking community and stockbroking clients.
The research follows three legs. First, a comprehensive questionnaire is sent to stockbrokers, asking for details of their products, pricing and market positioning. Second, a mystery shopping and desktop research exercise is undertaken by Intellidex analysts to verify information provided and assess transparency and responsiveness. And finally, a major online survey is undertaken of retail stockbroking clients.
An in-depth analysis of the results is undertaken, allocating scores to each stockbroker’s performance in various categories based on the information provided, our own assessments and feedback from the client survey. The point weightings are generally guided by the range in the market, so for example when calculating value for money the cheapest broker is scored 5/5 and the most expensive is scored 1/5. Points are awarded proportionately to the brokers between these extremes.
The full results and report were published in the September issue of the Financial Mail Investors Monthly magazine and can be accessed online here. Below is a summary of the main results.
Top Stockbroker of the Year: GT247.com
Top Online Broker: IG South Africa
Top Telephone Broker: Sanlam Private Wealth/iTrade
People’s Choice Award: DWT Securities
Top CFD Provider: Vunani Private Clients
Top Tax Free Savings Account Provider: GT247.com