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.
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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