Advice on robo-advice: Don't rely entirely on the bots

Automated questionnaires have limitations.

Gail Bebee 25 February, 2016 | 6:00PM
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A handful of small private companies inhabited the robo-advisor space in Canada when BMO Wealth Management launched its SmartFolio portfolio-management service in January. When one of the Big Five banks embraces a new way of delivering advice at a reduced cost, it's time to pay attention.

A low-cost, low-maintenance investment-management service accessible to many and tailored to individual needs is an attractive value proposition. Yet, online financial advice isn't for everyone. There is much to consider before signing on.

First off, if you have security concerns about conducting your financial affairs over the Internet, an online financial advisor is likely not for you.

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About Author

Gail Bebee

Gail Bebee  Gail Bebee is an independent personal finance speaker, teacher and the author of No Hype--The Straight Goods on Investing Your Money. She can be reached at gbebee@gailbebee.com; her website is www.gailbebee.com.

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