Study shows better apps and websites, but Canada trails US peers in adopting AI-powered tools
Canadian wealth management firms are sharpening their digital game, but a new study suggests they’re still hesitant to go all-in on artificial intelligence, despite increasing expectations from clients.
J.D. Power’s 2025 Canada Wealth Management Digital Experience Study highlights strong improvements in navigation, design and cross-platform consistency, paired with noticeably sluggish uptake of virtual assistants and other AI-driven features.
“Fintech players have really set the pace for digital among wealth management firms in Canada, and established brands have taken note by making significant improvements to their digital apps and websites,” says Mike Foy, managing director and head of wealth intelligence at J.D. Power. “One area where we are seeing decidedly slower adoption among legacy wealth management brands in Canada, however, is in the use of virtual assistants. While many of the top performing firms in Canada and the US have embraced AI-powered tools, the overall adoption rate in Canada is considerably slower—despite widespread interest among clients.”
The data reveals that advised investors who actually use virtual assistants report 696 on J.D. Power’s 1,000-point satisfaction scale, 54 points higher than those without access. DIY investors see a smaller but still meaningful bump of 29 points. However, despite strong satisfaction gains, even the most advanced assistants in the study “are effective for routine or reactive tasks, but do not proactively make suggestions or anticipate user needs.”
On the scorecard, TD claims the top spot for advised-client digital satisfaction with 689, edging out CIBC (685) and BMO (674). On the DIY side, Wealthsimple once again dominates with 709, ahead of CIBC Investor’s Edge (665) and RBC Direct Investing (659).
The report also cautions that year-over-year comparisons aren’t possible due to a redesign of the study’s methodology. Results are based on feedback from 4,686 investors collected between June and August 2025.
“As a general rule, the more investing tools, charting capabilities and security safeguards wealth management firms offer on their apps and websites, the more deeply investors engage with those channels,” explains Jon Sundberg, senior director of digital solutions at J.D. Power. “The wild card, however, as firms adopt more sophisticated investing tools across different platforms is that they need to deliver a consistent, cohesive user experience in each channel. Firms that manage the balance of powerful tools and streamlined integration are the ones that really set themselves apart in this study.”
