Online Investing Becoming More Popular for Canadians
Canadians of all ages are increasingly turning to the internet for news, shopping, social networking and even managing their finances. In fact, a recent BMO InvestorLine study revealed that more than one-third of us have either adopted online investing or are considering doing so.
Online investing is appropriate for all types of investors, say specialists in this field, and many brokerages offer access to extensive resources in the form of educational materials, investor research and the latest innovative tools.
Online investing has traditionally been a do-it-yourself activity, but more than two-thirds of the study respondents said they believe that advice is important when making investment decisions.
In response, BMO InvestorLine recently launched a new service that provides personalized advice to online investors. It puts you in control by providing specific investment recommendations to help manage your portfolio. The service called 'adviceDirect' is tailored for Canadians who want to invest online and receive validation when making an investment decision.
“Much like everything in the digital world, online investing is evolving at a steady pace,” explains Viki Lazaris, the president and CEO of BMO InvestorLine. “The launch of adviceDirect represents a new way to invest and helps take the guesswork out of investing decisions by offering investors personalized advice so they can stay in charge of their portfolio. In many ways, it is like having a co-pilot to help you manage it.”
Lazaris outlined its features:
- Portfolio review across four areas: asset allocation, risk, diversification, and investment rating. Based on this review, personalized buy/sell recommendations are then provided from a powerful quantitative investment engine.
- Portfolio monitoring and notifications advising clients when their portfolio requires attention.
- Access to a dedicated team of investment specialists who can provide advice and guidance throughout the portfolio construction and management process.
Alternatively, investors can select a self-directed service that provides tools to help investors make independent decisions.
More information is available online at www.bmo.com/advicedirect.