TORONTO, June 26, 2017 /CNW/ - BMO Wealth Management today announced the addition of Registered Retirement Income Funds (RRIFs) to the suite of account options available for BMO SmartFolio, a service offered through BMO Nesbitt Burns Inc. Clients will now be able to convert their RRSPs into RRIFs at the age of 71 when they are required to do so by the Government of Canada.
As a result of increased life expectancy, the proportion of seniors in Canada's population is increasing. According to Statistics Canada, 2016 marked the first time that seniors outnumbered children 14 years of age and younger (5.9 million vs. 5.8 million respectively).
"There is increased demand from retirees for accounts such as RRIFs to help with their growing investment needs," said Silvio Stroescu, President, BMO InvestorLine.
He added that online investing is appealing to Canadians of all ages, including seniors, because of its accessibility. BMO SmartFolio is an online portfolio management service which aligns to individual investment objectives and risk tolerance, and offers online access when and where clients need it.
Invest online. Not alone
In addition to offering a variety of accounts for one's investments, BMO SmartFolio also offers a team of expert Portfolio Managers and Chartered Financial Analysts to make investment decisions that align to client's investment objectives and risk tolerance. Clients are matched to one of five model ETF portfolios that best suit their needs. The model portfolios are monitored and rebalanced when required to help keep clients on track with their investment objectives.
"No matter their age, we want to help clients overcome any fears and misconceptions they have about investing online," said Mr. Stroescu. "With services like BMO SmartFolio, investing is made easier with the help of portfolio management as well as advisor support including live chat, phone and e-mail so clients can be assured that they are not making tough investment decisions alone."
To learn more about BMO SmartFolio, please visit www.bmo.com/smartfolio.
About BMO Financial Group
Established in 1817, and currently marking its 200th year of operations, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $719 billion as of April 30, 2017, and more than 45,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.
BMO Wealth Management is the brand name for a business group consisting of Bank of Montreal and certain of its affiliates, including BMO Nesbitt Burns Inc., in providing wealth management products and services. "BMO (M-design)", "BMO" and "BMO (M-design) Wealth Management" are registered trademarks of Bank of Montreal, used under license. "Nesbitt Burns" and "SmartFolio" are trademarks of BMO Nesbitt Burns Inc. BMO Nesbitt Burns Inc. is a wholly owned subsidiary of Bank of Montreal.
SOURCE BMO Financial Group