TD launches financial planning app

TD Direct Investing has launched a new financial planning app to help investors achieve their goals.

Using TD GoalAssist, investors can build a goals-based investment plan and select investments accordingly. The app allows investors trade in TD ETFs without paying a commission.

“We know a lot has changed in our lives this year as a result of the Covid-19 pandemic. From an investing perspective, we’ve seen a significant increase in demand for online investing and more people trying to invest on their own,” said Paul Clark, president, TD Direct Investing and executive vice president, TD Bank Group, in a release.

The new app allows investors to open cash, RSP or TFSA accounts digitally. The accounts have no minimums or monthly fees. Users can trade stocks listed on major North American exchanges for $9.99 per trade.

The new service also provides investors with educational videos and access to specialists.

“This new mobile-only investing service is straightforward, uses plain language and is grounded in what our clients have told us they’re looking for — goal planning, education and low cost,” Clark said.

TD is not the only bank to bring digital tools to investors in recent years.

The Royal Bank of Canada and the Bank of Montreal each have robo-advice platforms: RBC InvestEase and BMO Smartfolio, respectively. RBC also offers an online platform, MyAdvisor, which connects clients to financial planners.

National Bank Direct Brokerage, meanwhile, has InvestCube, another automated investment platform that offers investors ETF portfolios.