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       rbc direct investing 
   DIR By: deiaa
       Date: July 9, 2018, 8:12 am
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       It came to our attention recently that earlier this year, RBC’s
       discount broke, RBC Direct Investing, ceased to offer funds
       sponsored by Leith Wheeler, Mawer and Steadyhand. The move was
       described by RBC as a ’business decision,’ and we assume this
       reflects the fact that the funds offered by these firms do not
       pay trailers, and thus RBC does not receive any revenue from
       their sale. If this is indeed the reason behind the decision, it
       is not a strong one.In Canada, robo-advisors must register as
       Portfolio Managers, which cannot opt-out of their legal
       fiduciary duty. In my column for the September 2016 issue of
       Investment Executive, I explain why this will limit the
       scalability of Canadian robo-advisors’ businesses. If they grow
       as planned, they will need tens of thousands of clients to
       succeed financially. Technology infrastructure can be built to
       easily handle this volume. But obligations of registered
       Portfolio Managers will also require a significant hiring of
       people who can speak with clients about their investments - and
       that limits scalability by adding to costs.If this robo is able
       to attract greater AUM per client - $50,000, for example - we’re
       still talking about at least 40,000 clients. I wonder if the
       scalability assumptions of robo firms - and the regulatory for
       automation - will be challenged.
       Брест, Belarus
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