The Market Mindset: Retail investors are increasingly doing their own research

Canadians used to have a very one-way relationship with their financial advisors — they went into an advisor’s office, were told how to invest, and followed their advice. ​ But that’s not the case anymore. Investors are increasingly taking the lead on their own investment decisions rather than letting an advisor guide everything. The client-advisor relationship is more like a partnership now. 

To better understand this mindset, we surveyed 1,000 Wealthsimple clients with more than $50,000 invested across managed and self-directed investment accounts. Here’s what they told us about their approach to financial advice: 

They’re doing their own research. Today’s investors are taking advantage of every tool they have at their disposal for financial advice. More than half (52%) prefer to do most of their research independently, while leaning on some third party advice, and nearly two thirds feel confident they’re equipped with enough resources to get the information they need. Their sources include friends and family, social media, and even AI. 

Among clients who use social media, nearly three quarters (74%) use Reddit, half are going to Youtube, and a third are using other platforms like Instagram, Facebook, and X, for financial research. 

“I want to work with a wealth management firm that enables my knowledge and ambitions rather than trying to sell me on their latest product.” ​ - Asia, 35 years old, Alberta

When they seek advice, it’s to confirm they’re on the right track. Just over half (55%) of clients said they’ve declined advice from a financial advisor in favour of making their own decision. In fact, more than half like to do most of the research themselves and prefer to have an expert handy for a final gut check. 

“Many of my clients feel they know what they’re doing, but increasingly they are running things by me to test their decisions and see how Wealthsimple might be able to optimize each move,” says Zoe Wolpert, Director, Financial Planning and Advice. “It’s interesting: investors used to be focused solely on outcomes, but today’s investor is as interested in the means as much as the ends.”

They’re really confident. Today’s investors are driving conversations about their financial strategy instead of just accepting advice. Nearly all (92%) say they feel confident managing their investments on their own. They’re also willing to take on much more risk, with two-thirds ranking themselves as having a higher than average risk tolerance. But they’re not reckless. 

“While today’s investors display a higher risk tolerance, it's a very considered and qualified risk as they frequently check‑in with third party advisors or their network before hitting go.” — Clement Chung, Manager, Financial Planning Team

They seek out a wide range of investment opportunities. Finding the best assets for the lowest fees matters to every investor, but this is especially true for clients who take their investment strategy into their own hands. Because they are in the driver’s seat, these investors do everything they can to reduce costs and seize opportunities. The overwhelming majority of clients (83%) told us low fees were very important to their decision to invest with a platform. Just over half (56%) said they look for the lowest fees possible when investing. 

Investors also told us they didn’t want to limit themselves to Canada when searching for the best investment opportunities. Again, thanks to their own research, these clients were finding opportunities a more hands-off investor might miss. Here’s what some of our clients told us:

“I’ve already started to move some of my capital outside of Canada to other markets where I can access better investment vehicles.” — Asia, 35 years old, Alberta ​

“Innovative companies with solid IP are the kind of investments I’m interested in investigating, so I feel left out when investors outside of Canada have a broader selection of such companies” — Carrie, 32 years old, Alberta

​​“Diversification matters a lot to me, so it’s important I have exposure to global markets. Once you’ve seen how investing works in other countries and compare it to Canada, you really get a sense of how much room there is to grow” — Elton, 28 years old, Ontario ​

Canadians have always invested abroad, but the fact investors today are able to chase value and create a highly diversified portfolio on their own speaks to the quality of their research — and their willingness to pursue the best opportunities, no matter where they are in the world. 

Investors aren’t looking for someone to take the wheel for them. Today’s investors want advisors who can enhance their decision-making process instead of replacing it. They’re looking for experts who can make sense of the research they’re already doing and identify ways to optimize their wealth, such as flagging avoidable fees or evaluating better investment opportunities. Financial advisors are just one of the many resources in their toolkit.

^Disclaimers:

^{Testimonials may not be representative of the experience of other customers and are not guarantees of future performance or success. Investing in the market involves risk, and returns are not guaranteed. Investors are responsible for conducting their own research and assessing the suitability of any investment prior to making any investment decisions.}

^{Survey was conducted between June 16 and July 3, 2025 among a sample of 1,000 Wealthsimple clients with at least $50,000 invested with us.}