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.
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