APPS FOR RETIREMENT SAVINGS
New apps make it possible for even layman investors to watch the market
Do-it-yourself investing that’s doable,
The world of finance has been a rather slow adopter of the technological opportunities that have radically transformed other areas of daily life. The tide, thankfully, has turned and financial services are growing increasingly digital, improving access and convenience.
Investing is one such benefactor of digital advancements. While browser-based investment tools have been around for some time, it’s only been in recent years that services have become available on mobile devices. Here are three of the most popular investment-focused apps available in Canada:
Wealthsimple Type: Robo-adviser Available for: iPhone, iPad, Android devices Founded in 2014, this online investment manager is one of the betterknown robo-adviser services available in Canada. It currently serves 15,000 clients and $750 million in investments. Its mobile apps offer comprehensive services, including the ability to open a new account. Wealthsimple maintains a diversified portfolio of low-cost index funds and, using a largely automated process supported by algorithms, determines the right mix of investments for each user, rebalances portfolios, and reinvests dividends. Similar apps: Nest Wealth, WealthBar
BMO InvestorLine Type: self-directed investment Available for: iPhone, iPad, Android phones Consistently ranking high on “best of” lists, BMO’s InvestorLine is for self-directed investors, who are comfortable making investments without the services, minimal or otherwise, of a financial adviser. Investors can find up-to-the-minute quotes, watch securities in real-time, re- search ideas, analyze their own portfolio and set up alerts. Most importantly, they can make trades — GICs, equities, ETFs and mutual funds — directly in the app. Similar apps: CIBC Mobile Wealth; Questrade Inc.
BNN Go Type: information only Available for: iPhone, iPad, Android devices BNN’s app is a one-stop shop for the most up-to-date information from the investment world, and one of the more popular news-only apps of its kind. It provides market data from the TSX, Nasdaq and New York Stock Exchange, including the biggest gainers, losers and active stocks in the market. Users can search for specific stocks, as well as select favourites to see updates at a glance. Similar apps: StocksPro; Stock Master