[Note: This was an April Fool’s joke!]
One of the most exciting developments in investing is the rise of online wealth managers, also known as robo-advisors. These services offer online portfolio management at a fraction of the cost of a full-service advisor. We’ve seen a number of these services pop up in Canada in the last year so, and I am happy to announce that my colleagues at PWL Capital are set to launch our own online service for Couch Potato investors. Best of all, it will be absolutely free.
We’ve nicknamed our service Bender, in honor of the lovable robot character from TV’s Futurama. (Any resemblance to the name of a human portfolio manager is purely coincidental.) Bender will be unlike any other robo-advisor, because it won’t actually make any trades in your account: it will simply give you voice instructions. Then you’re responsible for carrying them out.
This is something of a revolution in the robo-advisor space. Provincial securities regulators have put up high barriers for online wealth managers: they simply don’t like the idea of robots making bad investment decisions when human advisors are perfectly capable of doing that on their own.