Investment apps? Newbie here

[swounds]

Hello,

I’m just getting into investing and I’m wondering if anyone has any input on which services might be best (Questrade, wealthsimple, etc)? I’m also debating talking to a financial planner, but I’m not sure yet.

I’m pretty sure dealing with my bank isn’t the best bet, as their advisors don’t seem to know that much about investing and keep wanting to sell me bonds.

We had a lot of hardship in the family, but came a long way. We bought a home 2 years ago and have about 15k saved to finally start investing in my 40s, so I want to get this right. I plan to split the initial investment into a mixed risk portfolio and add every month. Any tips appreciated and I’ll be sure to follow up with added research.

 

[tstace11]

@swounds Wealthsimple is probabaly the most widely used. No fees for most trades (2.5% exchange fee on USD stocks), great customer support, and easy to use interface.

Not too familiar with other brokers but questrade I think charges $5-$10 per trade (buying ETFs is free I think?)

 

[billups]

@swounds First of all, congratulations on building yourself up from a place of hardship to where you are now. I've been there, I know how challenging it can be, and I think you're doing a great job so far.

WealthSimple and Questrade are two excellent options so long as your situation isn't complex. If you happen to throw any of these into the mix:
- children,
- marriage or common law relationships,
- working from home or side gigs, or
- retirement planning,

then it's best to find a financial advisor, or better yet, a wealth manager.

It isn't just about building up your nest egg: it's about taking advantage of tax credits, deductions, and other benefits/entitlements now so you can position yourself for success later when CPP or OAS comes up. Taxation and inflation will eat away at your retirement savings if you're not prepared for it or are going off bad advice.

Feel free to send a DM. I love talking about this stuff.

 

[kellydd]

@swounds I really like WealthSimple, their app is easy to use, investing is easy and their cash account nets you 4-5%. I also have a Tangerine checking account (which has no fees) so I can take cash out of a scotiabank ATM and deposit cheques. With the two, I have what I need from a banking perspective. If you do sign up for WealthSimple, you can use a referral code (mine is J847IA) to get $25 https://www.wealthsimple.com/invite