Investors are increasingly relying on social media platforms and a new generation of brokers to meet online investing demand, a new survey shows.
Investment Trends' latest Online Broking Report found investors are turning to blogs and online forums to deepen their financial literacy and connect with like-minded investors.
About one quarter of the 8400 investors and traders surveyed for the second half of December 2018 period use social media platforms for investing or finance-related purposes.
Meanwhile, online brokers such as SelfWealth and Stake are gaining traction with online investors, especially the younger generation, research director Recep Peker said.
"These new challengers make effective use of online media channels to raise their brand profile and engage with their audience by focusing on a seamless user experience or building a vibrant online community," Peker said.
Half of the participants are familiar with robo-advice, but it's the voice-activated smart speakers such as Apple's Siri and Amazon's Alexa that are gaining prominence.
Many online investors (45%) believe smart speakers make life easier by simplifying access to general information and investing-related data (26%).
Others said receiving general investment-related advice (15%) or buying and selling shares (13%) using verbal commands are features they would like to access in the future.
"Australian online investors appreciate technology, tools or resources that improve their investing experience," Peker said.
"The interest shown by online investors in smart speaker technology emphasises the depth of their demand for convenient and timely access to information in their investment decision-making."
The choppy market conditions in the December 2018 quarter did not deter investors from trading as many saw the equities sell-off as a buying opportunity, he added.