BMO InvestorLine is lowering the fees as well as the minimum account size of its adviceDirect virtual investment advisor service.
On October 21, BMO announced that it is making it both easier and less expensive to use its adviceDirect investment advice program. The Internet-based system offers buy and sell recommendations based on a client's specific goals, time frame, and risk tolerance.
The minimum amount required to open an adviceDirect account is being lowered from $100,000 to $50,000, and annual account fees are being reduced from 1% to 0.75% for billable assets between $100,000 and $500,000. Incremental fees for clients with more than $500,000 in assets are being eliminated, with fees capped at an annual maximum of $3,750.
“The changes we're introducing to adviceDirect are consistent with our ongoing commitment to opening up online investing to a wider cross-section of Canadians,” comments Julie Barker-Merz, president of BMO InvestorLine. “This will make it more affordable and convenient to become a BMO InvestorLine client.”