BMO SmartFolio is an online investment portfolio management service offered by Bank of Montreal. What sets them apart from other services like theirs is that they use dedicated expert advisors to manage your account (instead of pure algorithms like most robo advisors), while maintaining low management fees for their services.
One main approach they use for investing your cash is through Exchange Traded Funds (ETFs). Not all ETFs are made equally, but at their best, ETFs track market indexes and maintain a balanced mix of investments, so when the markets are fluctuating wildly, your investments are less likely to. With a minimum investment of $1,000, most Canadian citizens can open a BMO SmartFolio account and be able to log in anytime and see how their investments are doing.
BMO SmartFolio features
BMO SmartFolio offers many features on their accounts:
Why You Want It
Have your money managed by financial experts + Low fees and transparent progress.
Special Features
- Actively managed by a team of dedicated advisors
- Backed by a big Canadian bank
Provinces
ALL
Features
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- Joint investment accounts
- Non-registered accounts
Minimum Investment
$1,000
Minimum Balance For Minimum Fee
$500,000
Minimum Deposit To Cover Transfer Fee
N/A
Socially Responsible Investing Options
Email Support
Live Chat Support
Phone Support
Average MER
0.22%
Minimum Fees
0.4%
Maximum Fees
0.7%
Cover Transfer Fees?
Maximum Covered Transfer Fee
N/A
Promotion
N/A
Promotion End Date
N/A
BMO SmartFolio product rating: 2.5 stars
BMO SmartFolio uses ETFs in order to create an investment portfolio with minimal fees and total transparency. Using their online tools, they attempt to give you a picture of how your money will be invested with them, depending on your personal goals, pinning your investment style into one of 5 categories.
The expert financial advisors idea is a good one, something others offer but here we have the big brand of BMO behind it. The BMO SmartFolio also touts low fees, which through ETF investing is very standard when using tried and true company ETFs, like those offered through Vanguard for example.
Rating methodology
To evaluate robo advisors, we analyze over 20 data points to generate a trustworthy Genius Rating. We consider all aspects of a robo advisor, including fees, investment options, minimum investment amount, access to support, perks, customer satisfaction, and promotions, to assess its overall value. Then, the robo advisor’s features are rated based on how they stack up against other available options.
Learn more about our rating methodology.
The pros of BMO SmartFolio
There are some pros with BMO SmartFolio.
Pros
Financial experts, not robots
Having a team of financial experts looking out for your financial goals is something both new and seasoned investors can enjoy. This is a plus in my opinion, as it adds tailor-made service and value to their SmartFolio. And if you decide you want more control over your investments, you could switch to BMO InvestorLine for self-directed investing. I like this flexibility, as it gives customers a clear choice to get the products and services they want.
ETF investing approach, lower fees
With any ETF purchasing, you’re lessening the fees on your account. Less fees equals more money in your pocket, not eaten away by account managers. So how low are the management fees, you ask? BMO SmartFolio says fees range from 0.20% – 0.35%.
The cons of BMO SmartFolio
There are a few things to look out for with BMO SmartFolio.
Cons
Fees beyond MERs
BMO charges an account fee on top of the fees the ETFs charge. These fees start at 0.7% on accounts with less than $100k in them, which will be the majority of new investors. These fees are charged quarterly and are low in comparison to other services. That said, they’ll add up over time, so just be aware.
ETF portfolios easily emulated by DIY investors
BMO’s approach to using ETFs to drive their customer investment accounts is a smart one, but also one easily emulated by the DIY investor. So my question is why choose to hand over your cash to be managed by a BMO when you can do it yourself through a discount online broker? For many, the DIY approach will save you money for adding a bit of time in researching which ETFs suit your needs best.
BMO SmartFolio alternatives
So how does BMO SmartFoilo stack up against similar products on the market? Take a look at their competition…
 |  |  |  | |
|---|---|---|---|---|
| Account | BMO SmartFolio | Moka | Justwealth | ModernAdvisor |
| Genius Rating | ||||
| Why You Want It | Have your money managed by financial experts + Low fees and transparent progress. | Auto invest in your future with expert-approved portfolios + Low monthly fee. | Low MER and account fees + Work with a personal portfolio manager. | Low cost investment portfolio service + Simple platform. |
| Types Of Accounts |
|
|
|
|
| Minimum Investment | $1,000 | $0 | $5,000 | $1,000 |
| Minimum Balance For Minimum Fee | $500,000 | $0 | $500,000 | $0 |
| Minimum Deposit To Cover Transfer Fee | N/A | $15,000 | $25,000 | N/A |
| Socially Responsible Investing Options | | | | |
Show More | ||||
| Open an account See more BMO products Compare | Open an account See more Moka products Compare | Open an account See more Justwealth products Compare | Learn More See more ModernAdvisor products Compare |
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FAQ
What is BMO SmartFolio?
BMO SmartFoilio is an online investment portfolio management service offered by Bank of Montreal. They invest your money mainly through ETFs and have expert advisors at your service.
What are the major differences between BMO SmartFolio and Wealthsimple?
The biggest differences between BMO SmartFolio and Wealthsimple is that Wealthsimple has no minimum investment and BMO has a $1,000 minimum investment. Click here to see BMO SmartFolio compared to 3 of its competitors.
What are BMO SmartFolio’s fees?
When investing with BMO SmartFoilio, there are 2 fees to keep in mind. First, their portfolios have MERs between 0.2% and 0.35% (weighted average). They also charge quarterly account fees, which are tiered starting at 0.7% for accounts under $100,000. Click here to see a full outline of BMO SmartFolio fees.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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