By Remitbee - Mar 2, 2022
Launched in November 2018, the RBC InvestEase service has generated a lot of interest. This robot advisor investment tool is often considered by people looking for a simple and straightforward investment solution in Canada. However, is RBC InvestEase actually any good? Here is the breakdown on if RBC InvestEase is worth your time or not.
RBC InvestEase’s tagline is “simplified online investing”. It is a robo advisor investment service. A robo advisor is an automatic financial tool which means that there is no human input in the investment process. The software gathers information from you, the client, and then decides how to invest. It then automatically continues to do so for the duration of the time you have the account. RBC InvestEase has two options for accounts: a Tax-Free Savings Account (TFSA), or Registered Retirement Savings Plan (RRSP). You can also choose to have an unregistered account.
You pick an account type and put money into it. The minimum to get started is 100 CAD. Following that, RBC InvestEase makes a customized investment recommendation for you. Then, on your behalf, your money gets put into an ETF portfolio. Two portfolio options exist, the Standard Portfolio and the Responsible Investing Portfolio. The Responsible Investing Portfolio has ETFs that have a positive impact on society. It is for investors who wish to attain their long-term objectives while also making a contribution to society.
RBC InvestEase charges a 0.50 percent yearly management fee plus sales tax. The sales tax is paid monthly, depending on your account's average assets under management. The weighted average management expense ratio (MER) of the ETFs in your portfolio is the next set of fees that the bank charges.
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