An increasing number of women, younger people and those with all portfolio sizes are looking to open an online brokerage account, according to a recent TD survey.
“There isn’t a ‘typical’ online investor anymore,” says Calvin MacInnis, president, TD Direct Investing. “As technology has evolved, people have gained the tools, information and confidence to help them take control of their investments, and that means we’re seeing a much broader range of clients turning to online investing.”
The survey found that 42 per cent of Canadians now research investment options online, while a quarter purchase investments online.
MacInnis notes that, while men still make up about two-thirds of online investors, industry research shows that a growing number of women say they intend to open an online brokerage account, too.
“Even with this growth in using online brokerages, it doesn’t have to be all or nothing,” said MacInnis. “Just over half of the investors we surveyed told us they also work with a financial advisor or an accountant when managing at least part of their investments.”
MacInnis has no doubt that the continued shift to digital will continue to drive the growth of online investing.
For the survey, TD commissioned Environics Research Group to conduct an online custom survey of 6,015 Canadians aged 18 years and older. Responses were collected between February 11 and 25. Additional industry research was conducted by Ipsos Reid as part of its 2013 Online Brokerage Report which surveyed 2001 online brokerage users between June 14 and 28, 2013.