(Bloomberg) — Newly minted day traders have questions. What’s an exchange-traded fund? What’s a value stock? What’s a resistance level?
Errol Coleman is ready with a video explainer. Pointing to a line drawn at the top of a stock price spike, he says, “We already know this is a resistance, because it tried to push up and got rejected.”
Coleman, with almost 158,000 TikTok followers and over 5,000 YouTube subscribers, is one of the growing number of influencers on social media looking to educate rookie day traders.
He’s not an investment professional — in fact, he’s still in college. Financial bona fides are rare among these influencers. That doesn’t mean their information is useless, but it’s nothing like advice from pros who are mining market data with robots. And the dangers of investing don’t vanish just because stocks have staged one of the greatest rallies on record.
Still, demand for trading how-tos is off the charts. TikTok videos under #robinhoodstocks have more than 3.1 million views, and Coleman is near the top of the site’s #daytrading. The senior at Adams State University in Colorado studying business marketing offers explainers on everything from spotting a short squeeze to penny stock trading.
While Robinhood investors have picked some of the biggest winners during the latest rally, study after study has shown that beating the market with an actively managed portfolio is almost impossible over time.
This has not kept plenty of people from diving into the trading pool for the first time. That’s why established financial institutions offer primers of their own. Charles Schwab Corp., for example, explains what an ETF is to help beginners among the 1.7 million people who opened brokerage accounts with the firm in the second quarter of 2020 — a 328% increase from the same period a year ago.
Wrinkle-Free Advisers
Many young traders are already spending lots of time on social media, so those sites are easy launchpads for searches. And the Robinhood crowd seems to like getting answers from peers.
Ben Pryor, a 22-year-old influencer, said that seeing a young man talk about stocks “makes other people feel like, ‘hey, I can do this stuff too.’”
Pryor, who majored in economics and communications at the University of Connecticut, posted his first TikTok stock explainer during the virus-induced sell-off. He awoke the next morning to find he had 4,000 new followers. Their ranks have swollen to more than 109,000, alongside more than 5,000 members in his Discord chatroom and 1,000 subscribers on YouTube.
One of Pryor’s fans, Sam Masten, a first-year student at North Carolina State University, said that learning about the stock market have helped him become “way more involved in the news and what’s going on in the U.S. than I was before.”
Both Pryor and Coleman are working to hold on to their followers. TikTok was long favored for the greater likelihood of going viral compared with content-saturated YouTube, but uncertainty over the app’s future has prompted both men to beef up their social media identities elsewhere.
Unlike other social influencers, Pryor rarely shares his current stock picks. When he’s asked what the next big stock is going to be, he said, “I tell them, I can’t predict the future — you’re entitled to make your own decisions.”
Not everyone is equally restrained. That’s a cause for concern for other influencers and traditional financial advisers.
Watch for Snakes
Brad Klontz, a psychologist and certified financial planner with a presence on YouTube and TikTok, has been infuriated by all of the misleading advice he encounters online.
“What I saw was a bunch of people telling people what stocks to buy,” he said in an interview, and this was directed at “young, impressionable, middle-class people who were just like me — desperate to try and improve their situation.”
One particular danger for uneducated investors is falling victim to pump-and-dump schemes, where a stock’s price is falsely elevated based on misleading information.
John Stoltzfus, chief investment strategist at Oppenheimer & Co., said that he’s worried about the “do-it-yourself” mindset, “especially for people who are novices and don’t understand the ramifications.” He said one-minute lessons can’t approach what investors can get from a financial mentor.
“It’s like a rattlesnake in the garden,” Stoltzfus said. “If there’s a rattlesnake in the garden, you better not go in there barefoot.”
Jerry Braakman, chief investment officer at First American Trust, thinks that social media can be useful in exposing young people to the world of investing. But he warned that traders still need to think for themselves.
One of the problems with all those success stories on Twitter and TikTok, he said, is that “everybody presents the best part of their life and not all the things that went wrong.”
Yet there’s money to be made as an influencer. YouTube ads provide income for popular users. TikTok is not monetized, but brands and apps often pay influencers based on how many new users they bring in. Pryor also sells a $10 educational course.
Coleman said that money isn’t his primary motivation, though he would eventually like to buy better video production equipment. Instead, recalling his days as an 18-year-old who couldn’t get his friends to talk about the stock market, he’s happy teaching because “the more I give, the more I get.”
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TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
