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Video 6: Levels of assistance: Full DIY, assisted DIY, robo-advisors, financial advisors - YouTube
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(upbeat music)
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- [Instructor] You can
choose how much help you want
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managing your investments.
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Some people can find investing
to be a bit of a hobby
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and they enjoy spending more
time than the average person
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reading, learning and studying investing.
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Others prefer to let someone
else do the heavy lifting.
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The good news is that it's not
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an all or nothing proposition.
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You can choose the level of help you want,
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and you can also change the
level of help you get over time.
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Here's a simple analogy.
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Everybody eats food, but what we eat
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and how we get that
food varies quite a bit.
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Some people might go to the grocery store
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and pick out individual
ingredients and spend a bit of time
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making most of their meals from scratch.
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Other people might buy
more pre-packaged meals
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that they just need to heat
up in the oven or microwave.
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And other people might
go out to restaurants
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or order in more than others.
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For the people who make all
their meals from scratch,
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there can be different
motivations to doing that as well.
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Some people just love
to cook, others do it
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because it might be the
most cost-effective way
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to nourish themselves.
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When it comes to investing,
the same logic applies.
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There are some investors who
are passionate about investing
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and want to do it all themselves.
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Others want to keep their
costs as low as possible.
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But some investors
choose to have help too.
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Some just want a bit of help
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and others want to completely
delegate everything
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to a professional.
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Here are a few main options.
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DIY, or do it yourself.
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This option is the most hands-on.
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You would be responsible for setting up
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your investment strategy and
placing your own trades online.
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The BMO InvestorLine
self-directed platform
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would be an example of a DIY option.
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Assisted DIY.
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The BMO InvestorLine adviceDirect platform
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is an example of assisted do it yourself.
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You still place your own trades,
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but you have access to advice
on your trading dashboard
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that lets you know if
your overall portfolio
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is drifting out of your
stated objectives and goals.
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You also have access to a
licensed advisor by phone
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who can answer questions about your trades
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and provide advice.
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Robo-advice.
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Generally, a robo-advisor
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is an online portfolio management tool
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that creates a portfolio for you
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based on your stated goals.
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All you have to do is
add money to the account
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and the robo-advisor executes the trades
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and rebalances your
portfolio automatically.
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At BMO, the SmartFolio platform is like
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an enhanced robo-advisor.
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SmartFolio uses a team of
investment experts at BMO
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to create and monitor portfolios
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that are matched to your
specific goals and objectives.
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Dedicated Financial Advisors.
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Some investors prefer to work
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with a dedicated financial advisor.
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There are a number of reasons for this.
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Some people are just more comfortable
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having a dedicated financial
advisor to meet with.
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They may want financial planning advice
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on other areas of their finances,
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like life insurance and
budgeting, for example.
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Or it can often be a matter
of time or comfort level.
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Generally speaking, the
less assistance you choose,
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the lower the costs with, one caveat:
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more active traders will
incur more trading commissions
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simply because they might be buying
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and selling stocks very often.
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Some people might start
with a bit more assistance
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and then later on move to
a do-it-yourself platform.
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Others might start with
a do-it-yourself platform
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and later find that they
don't have as much time
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or interest as they thought they might
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and they'll add some assistance later.
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So it's important to know
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that no matter which
platform you choose now,
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you can always change later.
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(upbeat music)
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