Introducing a new self-directed discount broker and robo-advisor...CI Direct Investing

CI Financial Corp. has announced today that, effectively immediately, it has acquired the remaining 25% of robo-advisor WealthBar Financial Services, Inc., that it didn't already own (construed to be Canada's second- or third-largest non-bank-owned robo-advisor, after Wealthsimple and Questwealth Portfolios). Additionally, in the coming months, it will be combining the WealthBar robo-advisor service with its Virtual Brokers self-directed discount brokerage service under a unified CI Direct Investing brand. It's unclear whether BBS Securities, Inc., the carrying broker that also provides so-called prime brokerage and custody services to other robo-advisors and brokerages, will be legally renamed or whether WealthBar Financial Services, Inc., will just be amalgamated into BBS Securities, Inc., with CI Direct Investing the combined brand name for both the robo-advisor and discount brokerage services.

If they get rid of the $1.00/mo. fee to enroll in a DRIP, I would probably move my Scotia iTRADE accounts to CI Direct Investing as Virtual Brokers really does have the most compelling product offering. It will be interesting to see other product changes will be coming, and whether WealthBar will be changing their fund lineups to remove the Nicola Wealth Management funds.

Cheers,
Doug