Scotia Discount Brokerage has introduced Online Investing Adventure - an interactive learning programme for consumers that simulates real-life investing.
The programme involves participants managing a fantasy $100,000 investment portfolio through which they can buy stocks, options and mutual funds just like they would with a real account. Consumers can access the same research, information and tools currently available to the retail brokerage's online customers. The simulation also provides educational materials including tips, tools, a glossary, a learning centre, and access to commentary from industry experts.
All participants who out-perform the TSE 300 Composite Index during the programme period will be eligible to win one of two 2002 Volvo S60 T5 sports sedans. Additional prizes will be awarded on a random basis to participants regardless of their performance or knowledge of the stock market.
Rob Pitfield, executive vice-president, wealth management, Scotiabank, says "We are not rewarding the person who builds the largest portfolio through risky investment strategies. We want to motivate investors to learn while promoting responsible investing principles."
Marianne Hasold-Schilter, managing director and chief operating officer, Scotia Discount Brokerage, says: "The Online Investing Adventure is so realistic, it even incorporates commission schedules, dividends, stock splits and margin calls. All trades are placed online and for maximum authenticity, every trade is executed using the actual market price at the time the trade is made."
Earlier this month, Scotia Discount Brokerage launched a similar programme for employees of Scotiabank to improve their investment knowledge and sales effectiveness. Both programmes are powered by Simvest Solutions, a provider of e-learning solutions to banks and brokerages.