Back in February I wrote about the rise of robo-advisors, the online services that allow you to build an ETF portfolio that’s maintained by a computer. These services are already operating in the US, and several are in the works in Canada, including the start-ups Nest Wealth and Wealthsimple. But the first to market has turned out to be ShareOwner, a well-established firm better known to dividend stock investors.
I wrote about ShareOwner more than four years ago, and my review at the time was quite negative. They charged a $79 annual fee for RRSPs, their trading commissions were on the high side, and their menu of ETFs was mostly confined to niche products. But the firm has a new owner in Bruce Seago (a veteran of the online brokerage business) and a revamped offering. Their newly announced Model Portfolio Service has a lot of promise for ETF investors seeking a low-cost, low-maintenance solution.