I don’t know what plans if any that Neo has for any kind of trading integration for the future. WS has obviously had stock/option trading for a long time now and they are releasing the ability to trade futures contracts in June.
I would love to see Neo hop on the investing train so we can invest in stocks, options, or maybe even futures one day.
Totally agree with what you said but what seperates Wealthsimple from Neo financial is Neo financial has a wide range of credit card services and i am assuming they will be going down this route compared to investing/trading options wealthsimple has. Wealthsimple doesnt have a ton of credit card offerings. Right now it would be hard for Neo to add trading although they have limited investment options and for wealthsimple to go into credit cards offerings. Both can grow in the respective segments they are in right now and become unicorns one day.
Yeah absolutely. Just throwing the idea out there!
@sandeepbh I partially agree with you. Wealthsimple offers many investment options; however, it is slowly getting into credit card services. I assume that in the future they will expand these offerings.
I would love to see a self-directed platform from Neo, with registered accounts options. These would definitely attract more customers.
For instance, in Brazil, there is a bank called Nu Bank that offers both credit cards and banking services as well as an integrated investment platform. I do believe that this is the way to go. I find it very annoying to have multiple accounts across different banks to be able to invest and benefit from a good credit card.
@darochag Wealthsimple have only 1 credit card for now and if you see their latest annoucements they are going deep into trading,futures etc. The credit card from wealthsimple has not been expanded since last year. Each market is different so its not fair to compare Brazil’s market to Canadian one.Wealthsimple’s AUM is around 100 billion and since they are already in trades they can expand more into that segment and grow. Wealthsimple also offer very good TFSA,RRSP,FHSA options. Why would they get into credit card services and face stiff competion from Neo,KOHO, others when they can stay in the trades lane and offer services around that.
Personally would utilize managed funds for RRSP, RESP, TFSA that invest in ETF’s at a low management fee.
I think those make a ton of sense, honestly. Neo Invest does RRSPs and TFSAs currently, I’m sure we could add RESPs. The real gap to me is the FHSA because I hear a ton of feedback that Neo users want to buy homes.