RBC has announced a change to the account opening requirements of its robo-advisor solution.
Almost a year after RBC InvestEase launched the firm says it has learned a lot since and wants to help more Canadians to start investing; so it now allows accounts to be opened with no minimum requirement.
Although accounts can be started with no cash saved, investments will not start until a customer reaches a $100 balance.
"We know there are Canadians who want to invest, but don't feel they have enough money or knowledge to take that first step," explained Rajan Bansi, Senior Director, Investments & Advice, RBC InvestEase. "RBC InvestEase's no-minimum requirement, means you're backed by the expertise of our Portfolio Advisors and our smart technology, and don't need to worry about any minimums."
Accounts can be opened online with just a few questions to answer to enable the generation of an online portfolio recommendation.
An RBC survey asked non-investors what their main reason was for not yet investing, over half (55%) responded, "I don't have enough money to invest."
The solution uses smart technology to automate the process, but Portfolio Advisors are also available to answer questions and investment professionals rebalance investments annually as required.
The robo-advisor accounts also allow investors to choose standard or responsible investing portfolios.
"We're continuing to bring convenience, speed and simplicity to investors. With our new Responsible Investing Portfolios, we're also bringing investors the opportunity to make a positive impact on the world, while achieving their financial goals," noted Bansi.
RBC is also waving management fees for the first six months for those investors who sign up for an account by the end of September 2019.
The firm has been actively promoting the RBC InvestEase solution at locations across Canada including the recent Bride Show Canada event.
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