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TD survey finds more Canadians considering do-it-yourself investment accounts
Number of self-directed investors could double within a decade
TORONTO, Nov. 24, 2015 /CNW/ - A recent TD survey found that nine in 10 Canadians surveyed who use self-directed investing are happy with their experience, and the number of investors who are managing at least part of their investments directly could double within the next 10 years. About one third (34 per cent) of Canadians surveyed who don't currently do any self-directed investing say they would consider doing so in the future, joining the 27 per cent of Canadians surveyed who already have self-directed accounts.
"Many self-directed investors tell us they like the flexibility and control of managing their investment decisions, as opposed to thinking it will get them better returns than working with a financial advisor," said Calvin MacInnis, President of TD Direct Investing. "In fact, most self-directed investors say they have either consulted or still consult a financial advisor to help them."
MacInnis notes that online brokerages need to continue to adapt to client needs. Just over half (54 per cent) of the survey respondents using self-directed investing said there is a lack of information tailored to their specific needs, not enough educational content available on websites, or that websites are too complex and difficult to navigate.
"A growing number of our self-directed clients are looking for a suite of professional-level tools, analytics and resources, which are also intuitive and tailored to their unique needs, to help them stay on top of the markets," said MacInnis. "That's something we're providing with our Advanced Dashboard streaming platform and a newly redesigned WebBroker®, with a cleaner, more modern look and feel."
And though we live in an increasingly mobile world, MacInnis notes that Canadians surveyed overwhelmingly prefer to use a desktop or laptop computer for self-directed investing, with just seven per cent primarily using a smartphone. But MacInnis says that's going to change in the future.
"Our survey found that younger Canadians - those aged between 18 and 34 - are significantly more likely than other age groups to use a smartphone for self-directed investing," he said. "Couple that with the fact that a larger percentage of younger Canadians is already using self-directed investing or is considering opening an account, suggests that the smartphone is becoming a much more common way to access self-directed investments."
To learn more about TD Direct Investing, please visit tddirectinvesting.ca.
About the TD Direct Investing Survey
A survey of 1,750 Canadians (848 men and 902 women) was completed online between September 11 and 21, 2015 using Leger's online panel, LegerWeb. A probability sample of the same size would yield a margin of error of +/-2.5per cent, 19 times out of 20. The data was weighted by the latest Statistics Canada census to ensure representation of Canada's population by region, age and gender.
About TD Direct Investing
TD Direct Investing is a division of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion Bank.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the seventh largest bank in North America by branches and serves more than 24 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 10 million active online and mobile customers. TD had CDN$1.1 trillion in assets on July 31, 2015. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
Image with caption: "Do-it-yourself investing is on the rise (CNW Group/TD Bank Group)". Image available at: http://photos.newswire.ca/images/download/20151124_C9384_PHOTO_EN_44497.jpg
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