Brokerage investment savings accounts | Page 32 | General comparisons | Discussion forum

Please consider registering
guest

sp_LogInOut Log In sp_Registration Register

Register | Lost password?
Advanced Search

— Forum Scope —




— Match —





— Forum Options —





Minimum search word length is 3 characters - maximum search word length is 84 characters

sp_Feed Topic RSS sp_TopicIcon
Brokerage investment savings accounts
April 12, 2024
2:59 pm
mordko
Member
Members
Forum Posts: 889
Member Since:
April 27, 2017
sp_UserOfflineSmall Offline
621sp_Permalink sp_Print

smayer97 said

mordko said
That's fear-mongering. Questrade was established in 99 and is a solid business. Suggesting that it's an “adventure” is a really, really poor choice of words without any basis.

Brokerages rarely fail, when they do someone else would likely buy the company for its assets and the insurance is there largely to deal with the cost of bankruptcy which is likely to be small.

Armageddons can of course happen, but it's an unlikely scenario to put it mildly.  

Anyone remember Lehman Brothers, or Royal Bank of Scotland near failure with over US$3T in assets under management, just as a few examples? This was only back in 2007/08. Let's not forget history. In comparison, RBC and TD only have about US$1.4T in assets.

To each their own but don't rest on your laurels.  

Ok, but their brokerage clients did not lose a cent. Retail clients of the Lehman brokerage had their assets returned in full right away, intact. Institutional clients had to wait for some time but were made whole.

Good example.

April 12, 2024
3:15 pm
dougjp
Member
Members
Forum Posts: 585
Member Since:
January 9, 2011
sp_UserOfflineSmall Offline

Is there any place on the site or elsewhere on the internet where the ISA rates are kept current? Identical to the information Norman1 kindly provides? I'm thinking something like the Comparison Chart for HISA's?

This didn't used to be important when ISA's had little value, but for some time now it's been a prime place to put deposits.

As is obvious, this 32 page thread isn't it any longer, sadly.

" We may never pass this way again " - Seals & Crofts

April 12, 2024
4:26 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 3020
Member Since:
October 27, 2013
sp_UserOnlineSmall Online
April 13, 2024
4:00 am
zgic
Member
Members
Forum Posts: 125
Member Since:
August 30, 2023
sp_UserOfflineSmall Offline

mordko: "Ok, but their brokerage clients did not lose a cent. Retail clients of the Lehman brokerage had their assets returned in full right away, intact. Institutional clients had to wait for some time but were made whole.

Good example. "

You are correct. What I read Warren Buffett saying is that Depositers will never lose money in such scenarios and are always made whole.

April 13, 2024
4:46 am
zgic
Member
Members
Forum Posts: 125
Member Since:
August 30, 2023
sp_UserOfflineSmall Offline
625sp_Permalink sp_Print

smayer97 said
Depending on how many $millions, multi-brokers might fit the bill, at $1M each.

Beyond that, it would have to be hard assets, me thinks.  

Is CIPF coverage $1M per account? Meaning if you have 4 seperate accounts at Questrade (like RRSP, TFSA, Margin, LIRA), total coverage will be $4M.

April 13, 2024
6:58 am
Wrayzor
GTA
Member
Members
Forum Posts: 83
Member Since:
March 14, 2023
sp_UserOfflineSmall Offline
626sp_Permalink sp_Print

dougjp said
Is there any place on the site or elsewhere on the internet where the ISA rates are kept current?

As is obvious, this 32 page thread isn't it any longer, sadly.  

No need to scroll through all the pages to find the latest. Page 1 of this thread always has the most recent update from Norman1.

April 13, 2024
7:04 am
dougjp
Member
Members
Forum Posts: 585
Member Since:
January 9, 2011
sp_UserOfflineSmall Offline
627sp_Permalink sp_Print

Thanks. I didn't know page 1 was updated.

" We may never pass this way again " - Seals & Crofts

April 13, 2024
9:13 am
AltaRed
BC Interior
Member
Members
Forum Posts: 3020
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

dougjp said
Thanks. I didn't know page 1 was updated.  

I found that out a few? months ago albeit it makes no difference to me. I only need Scotia and BMO where I have brokerage accounts anyway.

A great feature updating that first post how ever that is done!

April 13, 2024
11:35 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4257
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline

AltaRed said
The value of the asset itself (the ISA) is CDIC insured by CIBC in the event CIBC goes insolvent. Whether the asset is stolen or otherwise sucked up in part or in whole as part of a bankruptcy by the brokerage is covered (with all other assets like stocks in the account) by CIPF insurance.

As for my comments on Questrade, it does not matter how innovative or how 'good' it is as a brokerage (or as Questwealth). That is not the point at all. I am pleased that Questrade is an innovator and competition to the big bank brokerages.

The point is Questrade is an independent not backed by the resources and reputational risk of a big bank. I would never have more than $1M of assets in the black box* that is Questrade or any other independent.

* Not publicly traded nor public financial statements.  

Questrade Financial Group's subsidiary, Community Trust Company, is a federally-regulated entity, so we have some colour into the finances of that subsidiary.

They also recently acquired Flexiti Financial, Inc., from the publicly-traded company that owns the Cash Money payday loan stores, so we got some detail in terms of their financial flexibility recently. Flexiti Financial is the second-largest private label credit card issuer in Canada after Fairstone Financial, Inc., as they absorbed much of the business of Desjardins when it exited the space. sf-cool

As well, any current Questrade client, at least residing in B.C., can request an Annual Statement of Financial Condition of the dealer member firm, for free. This is very similar to the audited annual financial statements of a given company. The fact you can't link to them publicly does not make it not transparent. What we need is for current clients of Wealthsimple Investments and Questrade to make these requests and share their findings here. 🙂

I do know that Questrade has surpassed core National Bank Direct Brokerage and Desjardins Online Brokerage in terms of assets under custody and administration, with something like $50-60 billion in expected AUA for 2024 and Wealthsimple Investments about $40 billion in expected AUA, with probably $10-15 billion of that in Wealthsimple Cash. sf-cool

Cheers,
Doug

April 13, 2024
12:03 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 3020
Member Since:
October 27, 2013
sp_UserOnlineSmall Online
630sp_Permalink sp_Print

I am not suggesting the likes of Questrade and WS are not attracting AUM and getting most of it via transfer outs from the big bank brokerages. Both Questrade and WS have shaken up the industry with their innovations and offerings and that is a good thing for the rest of us who are happy where we are. I will be happy if Questrade and WS continue to succeed with a larger footprint.

For me personally, there is nothing I would do at Questrade and WS that I don't already do at big bank brokerages with comfort of continuity and expectation, clear CIPF insurance, convenience of everything being in-house, and at virtually no additional cost to me. My few trades at BMOIL and Scotia iTrade are almost all commission free ETFs, and their ISAs are competitive. Fund transfers between brokerage and bank are instant. It will also be easier for my POA and Executor to deal with a brick and mortar storefront someday.

It is amazing how far things have come just in the past 10 years, never mind 20 years. Life has never been so good for the DIY investor.

April 13, 2024
1:29 pm
zgic
Member
Members
Forum Posts: 125
Member Since:
August 30, 2023
sp_UserOfflineSmall Offline

AltaRed said
I am not suggesting the likes of Questrade and WS are not attracting AUM and getting most of it via transfer outs from the big bank brokerages. Both Questrade and WS have shaken up the industry with their innovations and offerings and that is a good thing for the rest of us who are happy where we are. I will be happy if Questrade and WS continue to succeed with a larger footprint.

For me personally, there is nothing I would do at Questrade and WS that I don't already do at big bank brokerages with comfort of continuity and expectation, clear CIPF insurance, convenience of everything being in-house, and at virtually no additional cost to me. My few trades at BMOIL and Scotia iTrade are almost all commission free ETFs, and their ISAs are competitive. Fund transfers between brokerage and bank are instant. It will also be easier for my POA and Executor to deal with a brick and mortar storefront someday.

It is amazing how far things have come just in the past 10 years, never mind 20 years. Life has never been so good for the DIY investor.  

I think every individual has a different expectation from their service providers. My requirement is no fee US ETFs like QQQ, VOO etc. I should also be able to buy them in small quantities without fees. Questrade currently serves that purpose.
Also US stocks with low fees.
I could not find it anywhere else.
I don't know if the big banks offer these 2 options together.

April 13, 2024
7:51 pm
Norman1
Member
Members
Forum Posts: 6910
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

National Bank Direct Brokerage does. $0, for both buy orders and sell orders of stocks and ETF's:

National Bank Direct Brokerage is the first broker of a Canadian bank† to offer 100% of Canadian and U.S. stocks, options and ETFs at $0. You're not dreaming: no commissions on your trades. …

$100 annual admin fee unless account size is $20,000+ or client is covered by one of the three other exemptions.

April 13, 2024
8:04 pm
AltaRed
BC Interior
Member
Members
Forum Posts: 3020
Member Since:
October 27, 2013
sp_UserOnlineSmall Online

I think NBDB has had that pricing in place for about 2 years, maybe more?

April 13, 2024
9:34 pm
Norman1
Member
Members
Forum Posts: 6910
Member Since:
April 6, 2013
sp_UserOfflineSmall Offline

Yes, National Bank announced the new zero commission pricing in an August 23, 2021 press release: A Canadian first: National Bank Direct Brokerage announces new zero-commission pricing

There was a previous thread National Bank slashes online trading commissions to 'Zero'! 🙂.

April 13, 2024
10:09 pm
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4257
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
635sp_Permalink sp_Print

Desjardins Online Brokerage quickly followed with $0 commissions.

Wealthsimple Trade, though, technically was the first to offer $0 commissions; at the time, it didn't offer a full slate of account types, but has since added RRSPs, TFSAs, and, just these past few months, LIRAs and locked-in RRSPs.

TD Direct Investing has launched a mobile app only service called TD Easy Trade; however, there are some significant drawbacks. While you can trade Canadian and U.S. listed stocks for free, for ETFs, you are limited only to TD's own in-house line up of ETFs manufactured by TD Asset Management.

There are also TradeZero and MogoTrade, both of which are only introducing brokers, which means they handle the trade execution and order processing, but the actual custody of accounts, statements, etc., are handled by a carrying broker (extra capital requirements are required to be a carrying broker). I think in both cases, their carrying broker is CI Investment Services, Inc., which used to be known as BBS Securities, Inc.).

Cheers,
Doug

April 14, 2024
6:13 am
Nehpets
Ontario
Member
Members
Forum Posts: 989
Member Since:
December 20, 2016
sp_UserOfflineSmall Offline
636sp_Permalink sp_Print

Doug said
......TD Direct Investing has launched a mobile app only service called TD Easy Trade; however, there are some significant drawbacks. While you can trade Canadian and U.S. listed stocks for free, for ETFs, you are limited only to TD's own in-house line up of ETFs manufactured by TD Asset Management.

This caught my attention, but on closer investigation, current clients who use TD Direct Investing would not be eligible to use TD Easy Trade as they are two distinct platforms and products, each requiring their own account enrolment.
https://www.td.com/ca/en/investing/direct-investing/direct-investing-vs-easytrade

Stephen

April 14, 2024
6:20 am
savemoresaveoften
Member
Members
Forum Posts: 2946
Member Since:
March 30, 2017
sp_UserOfflineSmall Offline

Nehpets said

Doug said
......TD Direct Investing has launched a mobile app only service called TD Easy Trade; however, there are some significant drawbacks. While you can trade Canadian and U.S. listed stocks for free, for ETFs, you are limited only to TD's own in-house line up of ETFs manufactured by TD Asset Management.

This caught my attention, but on closer investigation, current clients who use TD Direct Investing would not be eligible to use TD Easy Trade as they are two distinct platforms and products, each requiring their own account enrolment.
https://www.td.com/ca/en/investing/direct-investing/direct-investing-vs-easytrade

Stephen  

yup, its basically 2 separate applications, 2 accounts essentially. I was going to get the TD Easy Trade or the National bank one for the free commission, but its more cumbersome to get funds in and out of the account (since I don't bank with either), and decided against it.

April 14, 2024
8:20 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4257
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
638sp_Permalink sp_Print

Nehpets said

Doug said
......TD Direct Investing has launched a mobile app only service called TD Easy Trade; however, there are some significant drawbacks. While you can trade Canadian and U.S. listed stocks for free, for ETFs, you are limited only to TD's own in-house line up of ETFs manufactured by TD Asset Management.

This caught my attention, but on closer investigation, current clients who use TD Direct Investing would not be eligible to use TD Easy Trade as they are two distinct platforms and products, each requiring their own account enrolment.
https://www.td.com/ca/en/investing/direct-investing/direct-investing-vs-easytrade

Stephen  

Yeah, it's a separate TDDI account so you can't use your existing TDDI account with TD Easy Trade, but I see no reason why you couldn't just open up a separate TD Easy Trade account with TDDI.

Nevertheless, there's not a lot to love about it, so if you were considering switching from TDDI to TD Easy Trade, I'd look at other options like Wealthsimple Trade, MogoTrade, Moomoo Financial Canada, WeBull Canada, or Scotia iTRADE first.

Cheers,
Doug

April 14, 2024
9:25 am
RetirEd
Member
Members
Forum Posts: 1076
Member Since:
November 18, 2017
sp_UserOfflineSmall Offline
639sp_Permalink sp_Print

Freida: Webb's rehashing the plot of Jack London's 1908 novel, "The Iron Heel." He throws in a lot of new financial elements, plenty of conspiracy theories and some basic falsehoods and misrepresentations.

I bet many of you don't know that the author of "White Fang" and "The Call of the Wild" was a dedicated socialist, did you? Ironically, it was citizens of socialist countries that lost most or all of their assets after the revolutions.

RetirEd

April 14, 2024
9:28 am
Doug
British Columbia, Canada
Member
Members
Forum Posts: 4257
Member Since:
December 12, 2009
sp_UserOfflineSmall Offline
640sp_Permalink sp_Print

RetirEd said
I bet many of you don't know that the author of "White Fang" and "The Call of the Wild" was a dedicated socialist, did you? Ironically, it was citizens of socialist countries that lost most or all of their assets after the revolutions.  

Many would consider Canada to be a socialist country, certainly a democratic one. sf-cool

Please write your comments in the forum.