What went down at TL Insider’s Fireside Chat on how not to invest
Plus: How robo-advisors like RBC InvestEase can help keep you on track
When it comes to investing, for every how-to there is also a how-not-to. In the age of robo-advisors, cryptocurrency and stock bubbles, there’s often a lot of timely ideas floating around regarding the next big investing tip. Though, equally as important are the common steps (and mistakes) to watch out for. On November 17, TL Insider hosted Siân Canavan, head of RBC InvestEase®, for an exclusive virtual Fireside Chat where the experienced wealth management advisory professional detailed her tips on how not to invest. In conversation with Jason Maghanoy, head of business development at St. Joseph Media and associate publisher of Canadian Business, the event kicked off with personal accounts of financial mishaps.
From an overrun student line of credit to investments in high-risk companies, Canavan shared some of the financial learning opportunities that changed her approach to managing money at an early age.
“These mistakes can have really long-lasting repercussions and impacts in terms of your future earnings and investing capabilities,” she shared, adding that “they’re very common and easily avoidable.”
Later, she explained how these investing mishaps often come from poor choices in the stock market, emphasizing the importance of doing your research, seeking assistance if you need it and always determining what your down threshold is. While analyzing common mistakes, the conversation also addressed the financial triumphs that these lessons can lead to.
“One of my biggest triumphs was definitely the day that I maxed out my RSP contribution,” shared Canavan. “There are limits on those [types] of accounts for a reason, there is a lot of money that can be made and a lot of compounding that can be benefitted from by setting the goal to pay your future self by investing today.”
It’s also important to note that, in general, there are ups and downs in the market that can impact how much money you make and whether you will experience gains or losses.
Canavan continued to address some of the small, but common, mistakes Canadians can make when investing, and how some of them can be avoided through the use of a reliable and professionally-designed robo-advisor like RBC InvestEase. Major takeaways included the ability to recognize advice from ideas, thinking your investment choices through rather than acting reactively, understanding the role of luck in headlines around big financial gains and losses, and the risks of overwhelming yourself with investing trends on social media. Before answering questions from audience members, Jason and Siân discussed some of the greatest investing resources to help keep yourself informed and avoid high-risk decisions.
“At RBC InvestEase, we want investing to be accessible to as many Canadians as possible and recognize that financial literacy and educational resources are really critical in helping people get comfortable with this concept and feel empowered when getting started,” she says.
Eager to start investing? If you open up your first account with RBC InvestEase using promo code AA533, you won’t need to pay management fees for your first year.* Learn more here.
*To take advantage of this offer you must not have held an RBC InvestEase account prior to November 15 2021. This offer applies to your first RBC InvestEase account only. Accounts opened from November 15 2021 to December 31 2021 using promo code AA533 will not be charged the regular 0.5% management fee by RBC InvestEase for 12 months from the date of account opening. RBC InvestEase will notify clients 60 days in advance of any changes to the fees associated with their account as set out in the investment management agreement. A weighted average management expense ratio will still apply to the ETFs held in our portfolios. For further information please refer to Pricing on https://www.rbcinvestease.com/. This offer cannot be combined with any other offers.
RBC InvestEase Inc. reserves the right to amend or withdraw this offer at any time without notice.
RBC InvestEase Inc. provides online discretionary investment management services. Other products and services may be offered by one or more separate corporate entities that are affiliated to RBC InvestEase Inc., including without limitation: Royal Bank of Canada, RBC Direct Investing Inc., RBC Dominion Securities Inc., RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company. RBC InvestEase Inc. is a wholly-owned subsidiary of Royal Bank of Canada and uses the business name RBC InvestEase. In addition, the RBC iShares ETFs in which RBC InvestEase Inc. clients invest are managed by BlackRock Asset Management Canada Limited. RBC Global Asset Management Inc. and BlackRock Asset Management Canada Limited have entered into a strategic alliance to bring together their respective ETF products under the RBC iShares ETF brand, and to offer a unified distribution support and service model for RBC iShares ETFs.