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      News Releases

      BMO Online Investing Study: Knowledge and Use of Digital Investing Services Continue to Grow in Canada
      • 51 per cent of Canadians surveyed are at least 'somewhat familiar' with digital wealth advisors
      • Millennials lead the way in online investing and digital financial transactions

      TORONTO, March 6, 2019 /CNW/ - BMO InvestorLine has released the results of a survey which found that Canadians are becoming more familiar with digital investing services and highlights how the generations are changing their approach to online investing.

      The survey, conducted by Parameter Insights, examined consumer views on digital investing and access to online wealth management platforms. It revealed that 51 per cent of Canadians surveyed are 'slightly/somewhat familiar' with knowledge of a 'robo-advisor' service. This growing familiarity is reflected through higher adoption rates for BMO's suite of online investing products.

      "The majority of Canadians are now aware of digital wealth advisors. As they increasingly turn to and become comfortable with online platforms, we want to meet them where they want to invest," said Silvio Stroescu, President, BMO InvestorLine. "We are seeing higher adoption rates across our platforms, with BMO adviceDirect in particular experiencing four times the growth in adoption year over year."

      Generational Differences & Adoption Rates
      According to the survey, Canadian Millennials lead the way with using technology to help manage their savings/investments (86 per cent), with Generation X closely following (78 per cent). Baby Boomers are split, with 50 per cent preferring to use technology to keep track of their investments.

      Other highlights include:

      • 59 per cent of Millennials want to "automate more aspects" of their financial life
      • 81 per cent of Gen Xers are comfortable making financial transactions online
      • 41 per cent of the Greatest Generation (those aged 71 years and older) are using technology to manage savings/investments

      "Despite the variation in adoption among age groups, it is clear that overall adoption of digital investing is gaining momentum," said Mr. Stroescu. "Our mission is to inspire Canadians to take action by offering innovative digital investing products that deliver on value - empowering and helping them to reach their financial goals."

      Invest Online, Not Alone
      BMO's team of expert digital investing Portfolio Managers and Chartered Financial Analysts make investment decisions that align to a client's investment objectives and risk tolerance. The model portfolios are monitored and rebalanced when required to help keep clients on track with their investment objectives.

      To learn more about BMO adviceDirect, please visit www.bmo.com/advicedirect. For more on BMO SmartFolio, please visit www.bmo.com/smartfolio.

      This survey was conducted by Parameter Insights - a financial services-focused research and consulting firm - via an online survey between October 12 and 22, 2018, with an online sample of 1,000 adult Canadians. Data has been weighted using the latest Canadian census information to be representative in terms of age, gender and region. The margin of error for a probability sample size of 1,000 is ± 3.1%, 19 times out of 20.

      About BMO Financial Group
      Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $807 billion as of January 31, 2019, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

      SOURCE BMO Financial Group

      For further information: Media Contacts: Kim Johnson, Toronto, kim1.johnson@bmo.com, 416-867-3996; Valérie Doucet, Montreal, valerie.doucet@bmo.com, 514-877-8224