Almost three-quarters of Canadians (72%) believe that technology has played a significant role in helping them become better investors, according to a study by BMO InvestorLine.
The study also identified the ways in which technology has enhanced Canadians’ ability to manage their portfolios. These included:
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- Making them more informed (73%)
- Providing more sources for advice (68%)
- Allowing them to act faster (59%)
- Simplifying things (57%)
- Providing greater convenience (57%)
In terms of the types of online sources Canadians are using for investing information, the top sites identified included:
- Financial news websites (46%)
- Real-time stock websites (32%)
- Educational resources provided by online brokerages (29%)
Viki Lazaris, CEO, BMO InvestorLine, said: "Over the last two decades, technology has played a transformational role in all aspects of our lives – including how Canadians invest. As the top ranked online brokerage in Canada, BMO InvestorLine is focused on leveraging the latest technologies to help our clients be more confident in managing their portfolios and make more informed investing decisions."
Personalized Advice Identified as Key to Successful Investing
The study also found that Canadians value personalized advice, with 87% stating that such advice ranks as one of the most important factors for them when investing. Further, investors value having access to investing information from credible sources in the digital age, with 50% saying they want to see more such information on the Internet in the future.
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By GlobalDataMs. Lazaris cited the importance Canadians place on personalized advice as one of the reasons BMO InvestorLine launched adviceDirect, an innovative and first-of-its-kind service in Canada that provides clients with access to personalized advice on an online brokerage platform that leverages the latest technologies.
adviceDirect clients have access to a wealth of third-party research from industry leaders including MarketGrader for equities and Lipper for mutual funds. adviceDirect is ideally suited for those who want to manage their portfolios but also appreciate receiving advice when making investment decisions.
