Kingston, Ont.-based Professional Investments (Kingston) Inc. is the latest mutual funder dealer to give its financial advisors access to Toronto-based Invesco Canada Ltd.’s advisorDUO digital wealth-management platform.
Professional Investments is the second firm this week to sign on to use the service, which designed exclusively for financial advisors and their dealers. On Tuesday, Trois-Rivières, Que.-based Groupe Cloutier Inc. announced a similar arrangement.
advidorDUO, which was launched in November 2017, includes a digital onboarding process through which new clients can provide all the necessary details to open an account, including “know your client” (KYC) information via a tablet, smartphone or laptop. Clients can fill in the information on their own time or with the help of their advisors.
Once the onboarding process is complete, advisorDUO recommends one of five target-risk portfolios consisting of ETFs wrapped in a mutual fund structure. The portfolios, which are managed by Invesco’s Global Solutions team, can include third-party products. Advisors can choose how much of their clients’ assets to allocate to the recommended portfolios.
Groupe Cloutier and Professional Investments are the second and third firms, respectively, to sign on to use advisorDUO. Windsor, Ont.-based Sterling Mutuals Inc. was the first to strike a partnership with Invesco in November 2017.