Are the big banks jumping into the robo-advisor sector?

Are the big banks jumping into the robo-advisor sector?

Are the big banks jumping into the robo-advisor sector?
National Bank Direct Brokerage announced yesterday the launch of a new financial product, the exotic, sci-fi sounding, InvestCube. Is this some kind of mind-manipulating, digital-organic interface that ties the human brain directly into market infrastructure itself?

No, not quite.

According to the press release this is a “turnkey solution designed for investors seeking control over their investments without having to worry about rebalancing their portfolio.” Not quite as exciting as a investing-cyborg machine, but interesting nevertheless.

What InvestCube does is offer investors a programmed investment portfolio option for do-it-yourself-types that rebalances assets automatically. Intended for “clients with sound investment knowledge, but without a lot of time to spend on analyzing their portfolio” the National Bank experts have designed five portfolios that investors select based on risk tolerance. Once the transaction is complete, the bank goes about rebalancing the funds for the client.  According to the press release the bank will charge just 0.99% for running their computer program.