Justin Baer

speaker
162 appearances 3 recordings 1 series first heard Feb 2020 last heard Nov 2024

Justin Baer’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Teens Can Trade Stocks With Real Money. But Should They? · 19 May 2021 podcast
I mean, essentially what it does is it lowers the barriers of entry to trading the markets for many folks.
So I think a lot of popular stocks may trade in the triple digits, maybe even in the thousands.
And so that's out of reach for some investors.
So it allows them to do that.
It does come with risk, though, like anything else.
And so, you know, you can still lose the same amount, same percentage, of course, when your account is $300 in it than if you had $3 million.
You have to have your parents involved.
Your parents or guardians need to have already had established a Fidelity account, and they essentially sign off with Fidelity on the creation of the teen account.
Once that happens, the control of it is largely handed over to the child.
So parents and guardians do retain some control.
They can, for one, sign up for alerts that inform them whenever their teen makes a transaction or a trade.
And they can also shut down the account at any time if they feel their child is being irresponsible.
Sure, that's a good question.
I think it's all about establishing what these firms hope will be a lifelong relationship with their clients.
Many kids don't have a lot of excess cash, that's true.
But historically, many adults who are just starting out in their careers don't have a lot either, at least relative to older generations.
In time, though, many will.
And these firms are really trying to build that loyalty as early as they can and keep these folks around throughout their entire lives and all the way until retirement.
Yes, there are many, many examples of that from the numerous financial services apps that have emerged in recent years.
Robinhood, the online brokerage, certainly appeals to younger investors.
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