If you don’t know I’m 13 and atm I invest with Wealthsimple on behalf of my mother it would be nice in Neo where younger generations can invest even though it is for 18 maybe through your checking accounts or savings but overall it would be nice maybe I’d there is a loophole or something
The main reason is legal capacity. An investment account is a contract between the investor and a brokerage or financial institution. Because minors generally don’t have full legal capacity to enter and be bound by those contracts, brokerages usually won’t let them open a standard account themselves.
I was 42 years in the financial services industry, and my last job was with RBC, as the Greenhouse Financing Specialist in Leamington, Ontario, which is the Greenhouse Capital of North America. It takes $25 million to start up a new Greenhouse. I have an Financial Adviser look after 95% of my investments. I would strongly recommend you DO NOT invest for you mother. You have basically NO experiences, very little experience in the various markets over the last 42 years. That’s my opinion, but that’s up to your mother and you to decide.