News Releases
- Lower minimum balance and changes to the advice fee structure expands accessibility of adviceDirect
TORONTO, Oct. 6, 2021 /CNW/ - BMO InvestorLine is bringing personalized advice and support to even more Canadian online investors through expanded access to adviceDirect, through updates effective October 1, 2021.
"adviceDirect is a unique investing solution that combines the convenience of digital investing with personalized in-platform advice and access to advisor support," said Silvio Stroescu, Head, InvestorLine, BMO Financial Group. "While many investors already benefit from this hybrid approach, we lowered the threshold for entry to empower new and younger investors to take their first steps into investing and use the personalized advice offered to make even smarter decisions."
Updates to adviceDirect include:
- Reducing Minimum Balance: Lower the minimum investment balance requirement to $10,000 from $50,000 to bring the platform and service to a broader segment of investors.
- Changes to Advice Fee Structure: The $750 minimum annual fee has been eliminated and investors will simply pay the standard 0.75 per cent fee on their billable assets, to a maximum annual advisory fee of $3,750 – On a $10,000 account, this equates to $75 annually.
- Expanded Free Trades: The addition of a new tier of free trades for clients with assets between $10,000 and $50,000 – Those in this bracket will receive 15 free trades per year.
As interest in digital investing continues to grow, BMO InvestorLine continually looks for opportunities to bring adviceDirect to more investors and empower them to invest with confidence. Throughout 2021, new features have been introduced to adviceDirect to enhance the digital investing experience including:
- adviceDirect Preview: A free digital tool that helps online investors by providing access to portfolio management resources and features that are part of the adviceDirect digital platform.
- Portfolio Health Check: This tool provides unlimited complimentary portfolio reviews based on four key indicators and a report highlighting portfolio strengths and aspects investors may want to reconsider.
- Digital Platform Enhancements to Self-Directed and adviceDirect trading platforms including a portfolio view feature, distribution and research tabs, trade ideas and faster trade entry.
For more information on InvestorLine and adviceDirect, please visit: bmo.com/advicedirect
adviceDirect is a product of BMO InvestorLine Inc. BMO InvestorLine is a member of BMO Financial Group. ®Trademarks of Bank of Montreal, used under license. BMO InvestorLine Inc. is a wholly owned subsidiary of Bank of Montreal. Member - Canadian Investor Protection Fund and Member of the Investment Industry Regulatory Organization of Canada.
An adviceDirect account is a non-discretionary fee-based account which offers investment recommendations. adviceDirect does not provide portfolio management by a portfolio manager. The client makes their own investment decisions and manages their own investment portfolio. adviceDirect does not offer discretionary, managed accounts.
BMO Wealth Management is the brand name for a business group consisting of Bank of Montreal and certain of its affiliates, including BMO InvestorLine Inc., in providing wealth management products and services.
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 $971 billion as of July 31, 2021, 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
