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moneysense.ca, 19/01/10
Canadian discount brokerages
Want to manage investments on your own? Start by checking out these discount brokerages that offer accounts for Canadians.
Current issue:
If you’re getting frustrated by the investment offerings of your bank or you’re sick of buying investments through your financial planner, it may be time to take the plunge and set up your own discount brokerage account. You’ll be able to eliminate the middleman and make the trades you want when you want.
Here’s a round up of Canada’s discount brokerages. While researching the companies, make sure to find one that has fees that are appropriate to your trading frequency. Some offer reduced fees for heavy traders or people with large accounts.
National Bank Direct Brokerage
moneysense.ca, 19/01/10
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Your article doesn't include Virtual Brokers. I was with Scotia Itrade for 6 months and was very disappointed in their customer service–long phone waits, poory trained service people. I trade in an registered account and was getting killed with forced currency conversion with U.S. equities.
I moved to Virtual Brokers this year and the service is AMAZING! VB assigns an account advisor so I'm always dealing with the same person by phone or email and he (Peter) is phenomenal. I now have U.S. and Canadian equities and cash in my LIRA account and only pay currency conversion fees when I choose to convert. This has saved me a boatload of money.
Their fees are competitive.
The only issue I had with VB vs. itrade was VB's website had no training, analysis or tracking tools. Itrad has an extensive "tool box" on it's website.
That has changed as VB has introduced an amazing website with more tools and information than I would ever need!
On a scale of 1-10 I'd give Scotia itrade a 3.5 and VB 12.
As a mutual fund investor I choose BMO InvestorLine. Why? Because just about every broker has a frequent trader fee on mutual funds, typically for selling funds within 90 days of purchase. Every major discount broker I looker at charged a peanilty of 2%ish or $40ish, whichever was greater – these types of fees could be very painful if you did need or want to bail from a significant position in a hurry. BMO, on the other hand, charges a flat rate fee, in the $40 range if I recall.
On the negative side there are some low fee funds (Mawer and Chou, for eg) that they charge fees to buy sell or switch, most other brokers typically only charge sell fees for funds in this category. They also bone you on money market fund limits, unless you are buying a BMO moneymarket fund, go figure.
Here's the fee-only planners list.
http://www.moneysense.ca/2009/11/01/where-to-find...
cheers, Sarah
How do I get the list of fee only planners, can't seem to locate it under investing and couch potatoe? Thanks