Can technology make you a better investor? Nearly three-quarters (72 per cent ) of Canadians say it can, according to a new bank report. BMO InvestorLine surveyed Canadian investors and found the vast majority who responded yes to this question use the technology mainly to keep informed (73 per cent ) and as a source of advice (68 per cent.) Fewer, however, are using technology to act on investment decisions (59 per cent,) simplify things (57 per cent) or provide greater convenience (57%), suggesting Canadians still have a ways to go yet in truly embracing the technology at their fingertips for online trades. Not only is online investing convenient but it’s getting cheaper too. Just this past week RBC Direct Investing announced that all DIY investors will now pay a flat commission of $9.95 per equity trade though online and mobile channels.
Want to embrace online investing either on your own or with the help of a financial adviser, but not sure where to start? Check out MoneySense‘s ranking of Canada’s Best Discount Brokerages with information that brokerages offer an online trading platform. And watch for the February/March 2014 issue of MoneySense magazine for our updated list of the best ETFs in the country. You can also check out Dan Bortolotti‘s video on the 9 steps to the perfect ETF portfolio.