After securing exemptions from securities regulators, BMO InvestorLine has launched adviceDirect, a personalized service that provides investing advice to online investors.
The first service of its kind in Canada, adviceDirect puts investors in control by providing specific investment recommendations to help them manage their portfolios.
The online brokerage BMO received an exemption from securities regulators in August, allowing it to operate an online advice service through its discount brokerage platform, and without having to register as an investment advisor.
“adviceDirect is tailored for Canadians who want to invest through an online brokerage and receive advice when making investment decisions,” says Connie Stefankiewicz, senior vice president, BMO Financial Group.
Clients of the new service will have access to portfolio reviews of asset allocation, risk, diversification and investment rating. Based on this review, personalized buy/sell recommendations are then provided from a powerful quantitative investment engine.
Clients will also receive portfolio monitoring and notifications alerting them when their portfolio requires attention.
In addition, clients gain access to a dedicated team of investment specialists who can provide advice and guidance throughout the portfolio construction and management process.
According to a BMO InvestorLine study, more than two-thirds of Canadians (68%) believe that advice is important when making online investment decisions.
“adviceDirect is a game-changer, the most significant innovation in Canadian direct investing since the introduction of online investing,” adds Stefankiewicz.
“For online investors who want to keep control, but don’t want to be all on their own, adviceDirect gives the increased confidence of having a co-pilot. This is all about doing it yourself with confidence,” she says.
For those investors who are confident making their own investment decisions independently, BMO InvestorLine will continue to enhance it existing service, Stefankiewicz says.