25 Nov 2020
As a first time investor, would you suggest FSMOne RSP for Vanguard S&P 500 or buying ETFs without a RSP?
Is a RSP recommended for buying Vanguard S&P 500?
The former if you are not comfortable with throwing the entirety of your spare cash all at once.
The latter if you want to enter the market ASAP with a sufficiently large capital (otherwise the min trading fees become a large %) while having full control.
Personally, I went with robos first before moving to an online brokerage.
Do you intend to DCA monthly or less frequently? Is your amount huge or not that much?
If you intend to DCA a few hundred a month to buy VOO, FSMOne RSP with minimum fee of USD1 is a pretty good choice.
If you would rather go for a larger sum or purchase less frequently, then perhaps buying directly via TD Ameritrade (no fees) or Tiger Brokers (very low fees) would be a better option. Also if you go this route, you might want to consider buying the Irish-domiciled version, i. e. VUSA or VUSD, to save more on dividend tax. In this case, there are not many cheap options for buying shares on the London stock exchange. I think standard chartered is a better option for this, with a minimum brokerage fee of GBP10.
FSMOne are nice and decent people, however nowadays you can easily and cheaper manage it all by your...
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