+7 votes
by (430 points)
Hi everyone, I am newer to the site and to the Listen Money Matters podcast, but wanted some guidance on how best to start investing in businesses, stocks and dividends, is there apps that work better, or which bank or company would work best? I would prefer to start small and slow. I am also in Edmonton, so it would help to know what is possible in Canada. Any advice would be helpful.  
Hi everyone, I am newer to the site and to the Listen Money Matters podcast, but wanted some guidanc

6 Answers

+2 votes
by (4.7k points)
Not exactly sure about being in Canada, but i really like Acorns when i started out. Kind of expensive with fees (as percentage of investment), but good and can start with a little amount. After learning more, i opened a vanguard account (no fee trades for vanguard investments). I like etf's (basket of companies) they are cheap and have very low expense ratios. That is just what i do
0 votes
by (6.8k points)
TD Ameritrade would be good for you in Canada  
+2 votes
by (1.9k points)
Vanguard fan here. Index funds.  
+7 votes
by (430 points)
How does Vanguard work?  
by (4.7k points)
@alcuin You have several options. You can set up different accounts, set up a retirement account or individual investment account. I have an individual brokerage account. I add money to the brokerage account and then i can purchase any stock or bond on the market ($7 fee) or i can purchase a vanguard etf or mutual fund ($0 fee). Fairly simple to start, but you are on your own unless you pay for financial advisor services
by (430 points)
@risley okay thank you. That’s a great start and I will have to look into it a bit more
+7 votes
by (330 points)
Vanguard like said above. Great customer service too. I know when I was starting out with them I had a lot of speicifc questions and they answered them honestly and well upfront on the phone. Low fees, quality funds.  
+6 votes
by (460 points)
Hi @alcuin, fellow Canadian here (Abbotsford, BC). I use WealthSimple Trade for free ETF and stock trades (My wife uses the classic WealthSimple because she doesn't want to do the trading herself). Very easy to use platform, either Classic or Trade. I would highly recommend trading ETFs listed on the TSX (instead if NYSE or NASDAQ) to avoid currency conversion risk and the (small) fee associated with the conversion. Classic WealthSimple is a 'robo advisor' and they charge 0. 5% on top of the funds' MERs. A total portfolio fee here would be in the range of 0. 7-0. 8%. Using WealthSimple Trade to manage your own portfolio, you don't pay the 0. 5% management fee or any trading commissions, you only pay the funds' MERs. My WST total portfolio fee that I manage myself is 0. 26% For ETF providers I use Vanguard, iShares, and BMO. They all have low fees. Feel free to ask any more specific questions!  
by (430 points)
@burkhardt367 this is incredible! Thank you so much!  
by (460 points)
@alcuin if you are interested in managing your own portfolio, I have made a fairly detailed spreadsheet to keep my asset allocation on point. I am willing to share this with you. Let me know and I will send you a link.  
by (430 points)
@burkhardt367 of course! That would be super helpful!  
by (130 points)
@burkhardt367 hey, kindly send me the link
by (460 points)
@honebein The link above is an open shared doc. You can make a copy for your personal use.  
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