- 51 per cent of Canadians surveyed are at least 'somewhat familiar' with digital wealth advisors
- Millennials lead the way in online investing and digital financial transactions
TORONTO, March 6, 2019 /CNW/ - BMO InvestorLine has released
the results of a survey which found that Canadians are becoming more familiar with digital investing services and highlights how
the generations are changing their approach to online investing.
The survey, conducted by Parameter Insights, examined consumer views on digital investing and access to online wealth
management platforms. It revealed that 51 per cent of Canadians surveyed are 'slightly/somewhat familiar' with knowledge of a
'robo-advisor' service. This growing familiarity is reflected through higher adoption rates for BMO's suite of online investing
products.
"The majority of Canadians are now aware of digital wealth advisors. As they increasingly turn to and become comfortable with
online platforms, we want to meet them where they want to invest," said Silvio Stroescu,
President, BMO InvestorLine. "We are seeing higher adoption rates across our platforms, with BMO adviceDirect in particular
experiencing four times the growth in adoption year over year."
Generational Differences & Adoption Rates
According to the survey, Canadian Millennials lead the way with using technology to help manage their
savings/investments (86 per cent), with Generation X closely following (78 per cent). Baby Boomers are split, with 50 per cent
preferring to use technology to keep track of their investments.
Other highlights include:
- 59 per cent of Millennials want to "automate more aspects" of their financial life
- 81 per cent of Gen Xers are comfortable making financial transactions online
- 41 per cent of the Greatest Generation (those aged 71 years and older) are using technology to manage
savings/investments
"Despite the variation in adoption among age groups, it is clear that overall adoption of digital investing is gaining
momentum," said Mr. Stroescu. "Our mission is to inspire Canadians to take action by offering innovative digital investing
products that deliver on value - empowering and helping them to reach their financial goals."
Invest Online, Not Alone
BMO's team of expert digital investing Portfolio Managers and Chartered Financial Analysts make investment decisions
that align to a client's investment objectives and risk tolerance. The model portfolios are monitored and rebalanced when
required to help keep clients on track with their investment objectives.
To learn more about BMO adviceDirect, please visit www.bmo.com/advicedirect. For more on BMO SmartFolio, please visit www.bmo.com/smartfolio.
This survey was conducted by Parameter Insights - a financial services-focused research and consulting firm
- via an online survey between October 12 and 22, 2018, with an online sample of 1,000
adult Canadians. Data has been weighted using the latest Canadian census information to be representative in terms of age, gender
and region. The margin of error for a probability sample size of 1,000 is ± 3.1%, 19 times out of 20.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th
largest bank, by assets, in North America. With total assets of $807
billion as of January 31, 2019, and a team of diverse and highly engaged 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, BMO Wealth
Management and BMO Capital Markets.
SOURCE BMO Financial Group
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