The Royal Bank of Canada (RBC) has launched a new online investment advice service, called RBC InvestEase, to help its customers build their financial futures.
The RBC InvestEase robo-advisor service offers investment portfolio recommendation online in matter of minutes, courtesy of a combination of digital automation and expert advice.
Once a customer opens an account, the RBC InvestEase team will take over all the work, ranging from monitoring to rebalancing the portfolio automatically throughout the year as required.
Customers can begin with even a small amount like $1,000 to invest in a TFSA, an RRSP or a non-registered account. Further, they get to check their progress online, at their convenience, said RBC.
The portfolios of RBC InvestEase invest in index ETFs developed by RBC Global Asset Management.
RBC said that customers to avail the robo-advisor service will pay the bank 0.5% per year in management fees on their investment balances.
The new investment advice service gives its customers access to a team of live, accredited portfolio advisors to answer any query, or give advice or insights when required.
RBC InvestEase works by collecting responses to an online questionnaire, upon which it matches the customer with an investment portfolio recommendation. The recommended portfolio matches to one of five ‘risk profiles’, varying from very conservative to aggressive growth.
RBC personal savings & investments senior vice-president Stuart Rutledge said: “Canadians told us they are looking for a new way to invest that fits into their busy lifestyles. They want a convenient automated advice solution that is available whenever they are ready to get started.
“They also told us they want to be hands-off, with experts making decisions for them, and easy access to an expert, if needed. We listened and RBC InvestEase is our response.”
Apart from RBC InvestEase, RBC’s recently launched investing and savings innovations include MyAdvisor and NOMI.
MyAdvisor connects clients digitally with an in-market advisor to provide real-time advice, in person, by phone and in the future by video. The advisor will view and adjust a dynamic dashboard that will show the savings and investment goals of the client.
NOMI, on the other hand, generates financial insights powered by artificial intelligence (AI) along with a fully automated savings solution for RBC Mobile app clients.