However, the years that have followed have seen a long and dependable bull market. Liquidity has erupted since the COVID-19 pandemic, and interest rates remain at historic lows. This friendly market environment is drawing in many new investors. However, newcomers may be intimated by the market.
Wealthsimple boasts one of the most well-known and well-reviewed robo-advisory services. Fees range from 0.5% to 0.4% for the service depending on the size of the investor deposit.
It offers some of the lowest ETF MERs in the industry. Royal Bank launched RBC InvestEase across all of Canada in November 2018. The service offers to cover transfer fees up to $200 for clients who open a new account.
Moreover, RBC iShares ETFs offers the largest and most comprehensive ETF stable in the country. Bank of Montreal was one of the first big banks to launch a robo-advisory service with BMO SmartFolio. This somewhat defies the “robo-advisory” title as it has human advisors on the other end. However, fees are on the higher end between 0.4% and 0.7% per year.