But it claims to be different from “other robo-advisor websites” because of its goal-based approach to investing. The firm says it can cut those costs by as much as 65% with its service. In a press release, Invisor notes that many Canadians pay more than 2.5% a year for mutual funds and that “in some cases these costs can be s high as 2.8% to 2.9%.” Invisor co-founder and COO Dan Poole adds that investors are generally unaware of those costs, “as they are buried within fund products.” The reference to traditional advisors is evidently to mainstream retail mutual funds, whose fees are high enough that all domestic robo-advisers can undercut them and still make money. After the initial wave last year of new robo-advisers washing up on the shores of the Canadian market comes a variation on the theme - a so-called “goal-based” online investment management service called Invisor.ca.Īnnounced Tuesday, the service claims to offer “personalized online investment management at a fraction of the cost of a traditional financial advisor.” The service is available initially in Ontario and Manitoba and it plans to register in other provinces “in the near future.” The custodian is Credential Securities Inc.
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