September 25, 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?
Once to a few times per month
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?
6. My goals for trading or investing in my online account are (check all that apply):
Keep the amount of money I have, while keeping up with inflation
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
Other
If Other, Explain:
At this stage, I'm working on investing only via DRS for the companies in which I invest, as it seems to be the (only) way to ensure a clear and transparent market for my trading activity.
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.)
This is a rigged legal question. The level of fancy doodads and flashing colors is completely nonsense to the goal of a clear and functional stock market: You invest in companies that grow. The amount of racing stripes and flying confetti has no relationship whatever with reasonable investment decisions.
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.)
Did the people who write this questionnaire get in a time machine and go back to 1996? I've had various Online Account for nearly my entire adult life for banking, stocks, email, and all kinds of other services. Perhaps the interfaces have gotten flashier and the interfaces easier/ faster, but ultimately, I want what all investors want: Rapid and honest price discovery and ease of access to the markets. In general, I avoid Free aps as a rule, since if it's Free, I'm the product, and no the customer. Traditionally, I've invested through target ETF's through major players, but the insanity around what seems to be rampant naked shorting and PFOF causing what appears to be wild problems with price discovery has led me to go back to just paying DRS agents for direct ownership of shares. If the Market can't provide me with good reliable price discovery, then I'll just self-manage my investments without them.
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 : 5+ Years
Bonds : None
Options : None
Mutual Funds : 5+ Years
ETFs : 5+ Years
Futures : None
Cryptocurrencies : None
Commodities : None
ClosedEnd Funds : None
Money Market Funds : None
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'm a very old fashioned investor : I think anything with crypto in it is an off-shore money holding game, and options are a great way to blow off your own food. Generally, when I chose to buy or sell a security, I expect that buying and selling is limited only by the price action on the markets, and that the entities through which I trade generally can not restrict my selling or buying ever. A brokerage refusing to process an order seems to be either unsolicited financial advice at best, or criminal negligence of their role as a broker at worst. When I buy into an ETF or Mutual Fund, I understand I am paying for SOMEONE ELSE (ie, the manager of the ETF whoever) to manage those investments on my behalf, for a fee, and those products generally have up-front T's and C's related to holding periods, minimum investments, and other things that may suspend or limit trading. However, if I'm buying stock directly in GE, and a broker says yah nah, we're not going to route your order because of Blank Legal Nonsense that is opposite to the goals of a free and functioning securities management system.
11. What else would you like us to know positive or negative - about your experience with online trading and investing?
My original answer was too long: What Citadel and PFOF-engaged traders do is morally horrifying, and makes all the prices opaque to investors trying to get money into good companies based on fundamentals. The regulations and enforcement of the SEC, back to and including the 2008 crash, has been at best incompetent, and at worst, actively vengeful, passing regulations and fines in-line with allowing huge companies to hide short positions via FTD and mis-marking positions, while allowing retail to naively contribute capital to a system that is actively working to steal their money. This is not a problem of online vs in person but of people supporting activities that are already illegal through lax regulation. The current situation involving GME, for example, is clearly a Mess, and I appreciate the scapegoating requirements of a Fall Guy. But like. .C'mon SEC, you fined huge folks a small fine for mismarking positions that cost the US Economy many BB over the last several years, in favor of rich folks who need to keep buying more yachts.