August 28, 2021
1. Do you have one or more online trading or investment accounts?
Yes, I have one or more accounts that I access online, either using a computer or a mobile app but I also access the account(s) in other ways (e.g., by calling or visiting in person).
2. If your response to Question 1 is Yes, do you think you would trade or invest if you could not do so online using a computer or using a mobile app?
Yes
3. On average, how often do you access your online account?
Daily/more than once a day
4. On average, how often are trades made in your online account, whether by you or someone else?
Once to a few times per month.
5. If you access your account online, did you have the account first, and only began to access it electronically later? Or did you open the account with the idea that you would access it electronically immediately?
I had a pre-existing account and downloaded an app or visited a website to access my account
6. My goals for trading or investing in my online account are (check all that apply):
Save and grow my money for short-term goals (in the next year or two)
Save and grow my money for medium- to long-term goals
7. What would you like us to know about your experience with the features of your online trading or investment platform? (Examples of features are: social networking tools games, streaks, or contests with prizes points, badges, and leaderboards notifications celebrations for trading visual cues, like changing colors ideas presented at order placement or other curated lists or features subscription and membership tiers or chatbots.)
I invest with Vanguard. I also have a Thrift Savings Plan account. Neither Vanguard nor the TSP have the types of features you mention. Vanguard does have a portfolio analysis tool that allows you to analyze your portfolio in terms of market cap, industry sector, U.S. vs. international, interest rate sensitivity of bonds, credit quality of bonds, etc. This is very helpful because it allows you to analyze the portfolios of your mutual funds. Vanguard incorporates various helpful hints and warnings into this, some of which are debatable (e.g., Vanguard repeatedly advises me to increase my allocation of international stocks and bonds for diversification purposes). I think these kind of hints have influenced me to some extent. This is a far cry, however, from gamification such as used on Robinhood app. I should note that I have no personal experience with the Robinhood app, but I have read news stories about it. Also, the use of the portfolio analysis tool is optional.
8. If you were trading or investing prior to using an online account, how have your investing and trading behaviors changed since you started using your online account? (For example, the amount of money you have invested, your interest in learning about investing and saving for retirement, the amount of time you have spent trading, your knowledge of financial products, the number of trades you have made, the amount of money you have made in trading, your knowledge of the markets, the number of different types of financial products you have traded, or your use of margin.)
When my mother died last year, I inherited some individual stocks. I prefer to invest in mutual funds, so I have sold some of the individual stocks and invested the proceeds in mutual funds. In addition, the dividends from the individual stocks go into my settlement fund and I reinvest that money in mutual funds. It would be very difficult to accomplish these trades if I did not have the ability to access my online account and conduct trades through the account.
9. How much experience do you have trading or investing in the following products (None, 12 months, 1-2 years, 2-5 years, 5+ years):
Stocks : 1-2 Years
Bonds : 1-2 Years
Options : None
Mutual Funds : 5+ Years
ETFs : None
Futures : None
Cryptocurrencies : None
Commodities : None
ClosedEnd Funds : None
Money Market Funds : 5+ Years
Variable Insurance Products : None
Business Development Companies : None
Unit Investment Trusts : None
10. What is your understanding, if any, of the circumstances under which trading or investing in your account can be suspended or restricted?
I think it can be suspended or restricted for any number of reasons. For example, Vanguard routinely restricts me from purchasing shares of certain funds for a period of time after I have sold shares of the fund. Vanguard is not required to provide a platform to trade in any particular security -- they can decide not to.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?