It has been more than 2 years since I started my journey towards financial independence. My mindset about money has shifted into a positive direction. I have become more confident and knowledgeable. I now manage my finances using a holistic approach derived from self-directed and on-going financial education. And after months of research and reliable feedback, I finally opened my first brokerage account with COL Financial last February 2020.
Definition of Terms
- Brokerage Account – It is an investment account in a licensed brokerage firm such as COL Financial. As an investor, I could deposit money into my account to buy stocks, bonds, mutual funds, or ETFs.
- Brokerage Firm– COL Financial serves as my broker. They place trades on my behalf. They earn their commission my charging service fees whenever I buy or sell stocks or funds.
As COVID-19 did not hit our country yet at that time, I personally visited the COL Investor Center in Makati. I attended their free basic stock market seminar. Done within a lunch break time frame, it was concise and to the point. No sales talk, just information. There was only two of us from the small audience who stayed. Armed with the necessary documents (PRC ID, TIN, SSS/CRN), I approached one of the counters to start the paperwork. It is also possible to open a COL account online. A free 7-day trial is also available.
Being a newbie investor, I signed up for COL Starter. The process was smooth. After I completed the form and the new accounts supervisor has double-checked my information, I received an email about funding my account and the procedure to buy my first stock and mutual fund. My account got activated after I funded it with PHP 1000.
Dusted with beginner’s luck, I used the same amount to buy my first stock. Unsurprisingly, I incurred a loss. An instant lesson out of trial and error, resist the temptation of the minimum board lot when your cash balance is low.
Here are my insights about my COL Financial account after 6 months of passive investing:
Strengths
- Online platform
- Can be accessed 24/7
- Has desktop and mobile versions
- Can be funded as bills payment through online banking or GCash
- Over the counter bills payment also available
- Low commission rates
- Dividends, trading and fundinotifications
- Stock watch list
- Company updates, reports, and snapshots
- Investment guides
- Webinars
Things to Improve On
- A bit crowded home page
- Lag-time in between tabs
- Users not notified of weekday back-office maintenance
- Six-pack group quotes not saved
- Platform upgrade
May your curiousity be greater than your fear! Happy investing!
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