BMO to Become First Canadian Bank to Launch Robo-Advisor
Bank of Montreal plans to become the first of Canada’s major banks to launch a robo-advisor.
The bank’s automated low-fee investment-advice platform will be called SmartFolio.
SmartFolio is expected to launch by the end of January. Initially it will only offer portfolios made up of BMO’s own exchange-traded funds.
Investors will be able to open accountd with as little as $5,000. Fees will start at 0.7% for the first $100,000.
Other robo-advisors in Canada include Wealthsimple, Nest Wealth and Wealth Bar.
Toronto-based Wealthsimple launched in September 2014 and now manages 10,000 clients and $400 million in client assets.
