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BMO first of big banks to launch robo-advisor service
– moneysense.ca
TORONTO – The Bank of Montreal has launched an online portfolio manager, making it the first of the big five Canadian banks to wade into the “robo-adviser” business.
After a trial run that started on Dec. 7, the service — dubbed SmartFolio — is available to all investors starting Monday.
While other large Canadian banks have hinted they’re considering a foray into online investment advice, BMO is the first of the big five banks to launch such a service, despite electing to build the product in-house rather than partnering with a financial technology firm as some of the other banks are expected to do.
The launch of SmartFolio responds to concerns that banks risk losing market share if young, tech-savvy millennials ditch traditional banking in favour of fintech startups that offer low-cost, online investment management services.
Joanna Rotenberg, head of personal wealth management at BMO, says the bank’s brand gives it an advantage over upstarts providing similar services.
“We’ve got the reliability associated with a 200-year-old banking institution, and at the same time we’ve got a lot of the things that some other players in the market are offering, which is simple and digital tools,” Rotenberg said…
After a trial run that started on Dec. 7, the service — dubbed SmartFolio — is available to all investors starting Monday.
While other large Canadian banks have hinted they’re considering a foray into online investment advice, BMO is the first of the big five banks to launch such a service, despite electing to build the product in-house rather than partnering with a financial technology firm as some of the other banks are expected to do.
The launch of SmartFolio responds to concerns that banks risk losing market share if young, tech-savvy millennials ditch traditional banking in favour of fintech startups that offer low-cost, online investment management services.
Joanna Rotenberg, head of personal wealth management at BMO, says the bank’s brand gives it an advantage over upstarts providing similar services.
“We’ve got the reliability associated with a 200-year-old banking institution, and at the same time we’ve got a lot of the things that some other players in the market are offering, which is simple and digital tools,” Rotenberg said…
The Bank of Montreal has launched an online portfolio manager, making it the first of the big five Canadian banks to offer at ‘robo-adviser.’
