Canadians not comfortable with robo-advisers, per RBC


Doug Guzman, group head of wealth management, said consumers haven’t widely adopted automated online-investment tools. RBC launched its own robo-adviser, InvestEase, in November 2018; it did not disclose the platform’s assets under management. (Bloomberg)

Read this article for free

By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. You can withdraw your consent at anytime. Please refer to our privacy policy or contact us for more details.

Already a subscriber?

Talking point: Automated investing was slow to take off in Canada—robo-advisers like Betterment and Wealthfront launched in the U.S. in 2008, and it took until 2014 for large Canadian equivalents like Power Corporation-controlled Wealthsimple and Vancouver-based WealthBar to do the same. But interest is growing. Robo-advisers were managing $4.1 billion in Canadian assets as of December 2018, according to Strategic Insight, a data service. And, large financial institutions are beginning to take an interest in the market. BMO launched a robo-adviser in 2016, and RBC and TD followed suit in 2018. U.S. investment giant Vanguard—whose robo-adviser manages US$112 billion in America—is set to launch an automated tool in Canada by mid-2020.