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<\/p>To say this has been an interesting year for retail investors would be an understatement. Between Reddit traders pumping stocks like Gamestop and AMC to the dismay of Wall Street, to the Robinhood revolution which has riled industry regulators \u2014 it\u2019s clear the last year has been downright transformative for investors globally \u2014 and Canada is no exception.<\/p>
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In fact, new research from global comparison site Finder.com finds that about 1 in 10, or three million Canadians, plan to manage their own investments and ditch their financial advisor in 2021. A further 4.7 million Canadians are seriously considering taking an active role managing their future investments without the aid of a financial advisor.<\/p>
Millions of younger Canadians, specifically millenials and gen Z, are jumping on the \u2018do-it-yourself\u2019 train. This new crop of investors is younger, more risk tolerant and willing to ride the turbulent waves of the stock market to achieve lofty gains (or staggering losses).<\/p>
Our report shows three times as many millennials plan to stop working with their financial advisor as opposed to hiring one in 2021, as compared to boomers, who are almost twice as likely to hire one than stop using one.<\/p>
What are the reasons driving this huge generational shift toward DIY investing?<\/p>
Age:<\/strong><\/p> Gender:<\/strong><\/p> Relationship Status:<\/strong><\/p> Region:<\/strong><\/p> \u00a0<\/p> While the media has been all over covering the stock market exuberance and new retail investor hype, there hasn\u2019t been much talk about how this transformation in investing behaviour might affect financial advisors.<\/p> More than 13 million Canadians (43%) reported never having worked with a financial advisor, so nearly half of Canadians may be struggling to come up with the money needed to invest with one. Even still, Finder\u2019s recent report on household savings<\/a> explains Canadians have been saving on average 5x the typical pre-pandemic savings amount (just over a quarter of their disposable income or 27%) \u2014 which goes a long way to explaining the money flooding the stock market and real estate investing.<\/p> These additional funds in household budgets is leading many people to do away with their advisor and manage their investment portfolio, with the two most cited reasons for dropping a financial advisor being saving money on fees (54%) followed by \u201chaving more control over my money\u201d (42%).<\/p> One quarter of Canadians (25%) cited \u2018feeling knowledgeable about how to meet my own investment goals\u2019 and \u2018not wanting to ask someone to make investment decisions\/transactions\u2019 as reasons to turn DIY about their financial future.<\/p> Surprisingly, convenience was only a factor for a little over 1 in 10 (21%) of Canadians, making it the lowest ranked reason for why people would stop using an advisor.<\/p> Gender:<\/strong><\/p> Age:<\/strong><\/p> Income:<\/b><\/p> Region:<\/b><\/p> With nearly 5 million Canadians either planning to or seriously considering ditching their financial advisor to manage their own investments in 2021 it\u2019s safe to say many Canadians could make a few missteps along the way.<\/p><\/div><\/div>What is driving this shift in investing behaviour?<\/h3>
<\/div>Demographic Breakdown<\/h3>
Top 3 Tips for the DIY Investor<\/h3>