Royal Bank of Canada (RBC) has launched a new online investment platform, designed to provide automated advice, recommendations as well as portfolio management. The platform is known as InvestEast.

RBC InvestEast matches customers with an investment portfolio recommendation corresponding to one of five risk profiles after they complete an online questionnaire. It then builds a portfolio of low-cost ETFs, and also monitors and rebalances it automatically.

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Apart from the automated monitoring, customers can also get access to live portfolio advisers for more insights.

Investors need to have a minimum balance of $1,000 to use the new service and will be charged 0.5% as management fees.

Customers who onboard by 31 March 2019 will have their management fees waived off till October next year.

The new platform has been rolled out to the bank’s customers across Canada after a trial phase last year.

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The pilot phase was limited to customers in Ontario, Alberta and Saskatchewan.

RBC senior vice-president of personal savings and investments Stuart Rutledge said: “Canadians told us they are looking for a new way to invest that fits into their busy lifestyles. They want a convenient automated advice solution that is available whenever they are ready to get started.

“They also told us they want to be hands-off, with experts making decisions for them, and easy access to an expert, if needed. We listened and RBC InvestEase is our response.”