Scotia iTrade and Bank should get their act together.

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Should Scotia iTrade provide all the information on all the assets they sell?

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Pissed Off at iTrade

Scotia iTrade and Bank should get their act together.

Post by Pissed Off at iTrade » Fri Feb 23, 2018 3:13 pm

Looking to place a fund order at iTrade I first wanted to do a quick check so I clicked on the Research tab and entered the fund name.
Although the fund was found, all the information was zero. No yields, no nothing.
I started a chat to ask why and where I can get the information.
I was told why: they don’t have to give me information because it’s a no-advice brokerage.
I was told where: another web site that seems to belong to Scotia Bank (you’d think they may be related).
I looked around and could not find the information in 1 minute; didn’t have time for more.
I filled in a form to get information, and was told were to find it but also that it’s “used by Financial Advisors” so basically I’m not supposed to use it.

Maybe iTrade can save some more money and not provide stock research either, since they “don’t have to”.

DIY investors

Re: Scotia iTrade and Bank should get their act together.

Post by DIY investors » Fri Feb 23, 2018 4:29 pm

Brokers encourage DIY investors to trade often. They invest heavily in platforms with easy-to-execute online trading capability because excessive trading puts profits in their pockets. They make money every time when an order is executed, buy or sell.
It‘s their interest to provide as much info as possible for everything they carry so that DIY investors can trade fast. But they also may want you to wonder around, click here and there. You may stumble upon some other investment product and will end up trading more than otherwise.
Also, the fund you tried to buy may have been one of the “cheaper” or “commission free” ones. Some brokers deliberately make them well hidden because they want to promote their premium investment options instead.
Yes they should get their act together and this one certainly is only one of the many wrongs. :!:

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