RBC InvestEase review
Take advantage of innovative investing technology and actual advisor oversight to manage your investment portfolio.
It’s easy to open an account in a matter of minutes using RBC InvestEase‘s online application.
If you want a simple way to manage your investments with a reputable “Big Five” bank, then the RBC InvestEase robo-advisor could be a good fit for you. This tech-driven platform uses specialized algorithms to match you with the best investments for your unique set of needs and risk profile.
It also provides expert advisor oversight so that your investments are monitored and rebalanced whenever they stray too far from your overall investment strategy. Learn more about how the RBC InvestEase robo-advisor works and find out how you can get started today.
What is the RBC InvestEase robo-advisor?
The RBC InvestEase robo-advisor is an online investment platform that uses your personal data to help you make sound investment decisions. To get started, you just need to answer some simple questions about your risk tolerance and savings goals. You’ll then be provided with a range of low-cost exchange-traded funds (ETFs) that best align with your investment profile.
If you’re happy with the range of ETFs on offer, you can open your account online and transfer the money you want to invest into it. From there, RBC‘s advisors work behind the scenes to monitor your investments and help you stay on track. You can also monitor your own progress through your account and contact RBC‘s team if you want to make any changes to your portfolio.
How much does the RBC InvestEase robo-advisor cost?
You’ll have to pay a management fee of 0.5% per year on your RBC InvestEase account. You’ll also pay Management Expense Ratio (MER) fees that average between , depending on what type of portfolio you have. These fees are calculated and applied to your account on a monthly basis.
That said, RBC occasionally runs promotions to help you save money on your account.
What are the benefits of the RBC InvestEase robo-advisor?
There are a number of benefits that you can take advantage of if you decide to sign up for the RBC InvestEase robo-advisor.
- Easy application. It’s easy to open an account in a matter of minutes using RBC‘s online application.
- Cost-effective solution. You’ll pay less for a robo-advisor than you will for a dedicated financial advisor since the whole process is automated.
- Less involved. You can pass your funds over and relax knowing that the RBC InvestEase robo-advisor will find the right investments for you.
- Advisor oversight. The investment process is monitored by real people so you can feel safe knowing your account won’t slip through the cracks.
- Many account types. You can choose to hold your investments in a registered or non-registered account.
- Low minimum investment. It’s easy to start investing with as little as $100.
- Special offers. You may be able to take advantage of special offers as they become available, such as no account management fees in your first six months.
- Enhanced protection. Your funds are protected by the Canadian Investor Protection Fund (CIPF) in the event of issuer bankruptcy.
What should I watch out for?
In addition to its many benefits, there are a couple of drawbacks to consider before you transfer your funds over to the RBC InvestEase robo-advisor:
- Account fees. You’ll have to pay up to 0.8% in fees (0.5% administration fee plus up to 0.3% in MER fees) on any balance you hold.
- Transfer fees. You’ll pay a large fee ($135+) if you want to transfer your money from your RBC InvestEase account to an investment account at another institution.
- Risk of losing money. You could end up losing money if your investments don’t perform well.
- Less control. You won’t be able to move funds in your portfolio manually, though you can call RBC‘s customer service team to get assistance.
- Powered by technology. Your success is heavily dependent on the performance of RBC‘s specialized robo-advisor technology.
- Less face-to-face. You won’t work directly with a dedicated financial advisor since the whole process is automated.
What should I know before I apply?
To invest your money with the RBC InvestEase robo-advisor, you need to meet the following criteria:
- Be at least 18 years old (and 19 in some provinces)
- Be a citizen or resident of Canada
- Have a Social Insurance Number that starts with a number from 1 to 7
- Only use the account for your own investments
How to apply
If you think you meet all the eligibility criteria and you’re ready to start investing with the RBC InvestEase robo-advisor, you just need to follow the steps below:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and negotiate the terms of your investments if you meet the eligibility requirements.
How to invest and withdraw funds
As soon as you’re approved for an RBC InvestEase robo-advisor account, you can link it to your bank account. From there, you can easily transfer money into your account with the click of a mouse. You’ll also be able to set up automatic withdrawals from your bank account to make sure you stay on track with your investments.
To take money out of your account, you’ll need to contact the RBC InvestEase customer service team directly. Just remember that it can take up to five business days for your transaction to be processed, since it takes a few days for ETFs to be sold and converted to cash.
Compare other robo-advisors
The RBC InvestEase robo-advisor offers an affordable, data-driven solution to help you meet your investment goals. You’ll get hand-picked investment options with regular monitoring by RBC‘s team of financial experts. Learn more about how you can benefit from this hybrid investment model by speaking to an RBC advisor or by clicking through to its website on the table above.