Toronto-based Bank of Montreal’s (BMO) wealth-management division is adding registered retirement income funds (RRIFs) to the account options available at BMO SmartFolio, the robo-advisor service offered through the bank’s full-service brokerage, BMO Nesbitt Burns Inc.
As such, clients will be able to convert RRSPs into RRIFs when they turn 71 years of age, as required by the Canadian government, the firm says in a statement. BMO cites increased life expectancy and a rapidly growing Canadian senior population as key motivators for adding RRIFs to BMO SmartFolio’s suite of account options.
“There is increased demand from retirees for accounts such as RRIFs to help with their growing investment needs,” says Silvio Stroescu, president of BMO InvestorLine, in a statement.
Online portfolio-management services such as BMO SmartFolio have become increasingly attractive to investors of all ages because of their accessibility, Stroesco adds.
BMO SmartFolio clients are paired with one of five model ETF portfolios determined to best meet their investment goals.
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