Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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Canadian banks eyeing low-cost robo-adviser industry to attract millennials
– canadianbusiness.com
TORONTO – Canada’s financial services industry is set for a shakeup, and some of the country’s biggest banks are taking note.
Fed up with pricey mutual funds, a growing number of Canadian investors are turning to robo-advisers, low-cost online investment managers. Tech-savvy millennials with a tendency to distrust traditional wealth advisers are particularly keen.
“We’re attracting a lot of young professionals away from the banks,” said David Nugent, portfolio manager and chief compliance officer at WealthSimple.
The firm, which launched in September, has been growing its client base by double digits and adding a couple million dollars to its assets under management each week, according to Nugent.
As Canada’s securities regulators continue phasing in new rules that require investment advisers to disclose how much they’re collecting in fees, investors are expected to start seeking out low-cost alternatives.
Robo-advisers typically use a questionnaire to determine an investor’s level of risk tolerance, then invest the client’s assets into a passive exchange-traded fund (ETF) portfolio that is regularly rebalanced using algorithms…
Fed up with pricey mutual funds, a growing number of Canadian investors are turning to robo-advisers, low-cost online investment managers. Tech-savvy millennials with a tendency to distrust traditional wealth advisers are particularly keen.
“We’re attracting a lot of young professionals away from the banks,” said David Nugent, portfolio manager and chief compliance officer at WealthSimple.
The firm, which launched in September, has been growing its client base by double digits and adding a couple million dollars to its assets under management each week, according to Nugent.
As Canada’s securities regulators continue phasing in new rules that require investment advisers to disclose how much they’re collecting in fees, investors are expected to start seeking out low-cost alternatives.
Robo-advisers typically use a questionnaire to determine an investor’s level of risk tolerance, then invest the client’s assets into a passive exchange-traded fund (ETF) portfolio that is regularly rebalanced using algorithms…
