Investing · Robo-advisor review
BMO SmartFolio review
The bank robo your RRSP can grow old in — RRIF and RESP both supported — at the price of being the most expensive managed option we track under $100,000.
Best for: BMO loyalists who want one managed account from first TFSA to final RRIF payment, and hold enough to soften the tiers
Pros
- RRIF and RESP supported — the fullest account lineup of the bank robos
- Portfolios sub-advised and actively maintained by BMO Asset Management
- Fee tiers reward size: 0.70% under $100k steps down to 0.40% above $500k
- BMO Nesbitt Burns product — CIRO member, CIPF member
Cons
- All-in cost ≈0.90%–1.05% under $100k — roughly 2.5× Questwealth
- No FHSA or LIRA, and no responsible-investing option
- $135 per account to transfer out; $1,000 minimum to start
Who BMO SmartFolio is
SmartFolio is BMO’s managed-ETF service, a product of BMO Nesbitt Burns Inc. (CIRO and CIPF member) with portfolios sub-advised by BMO Asset Management. Five model portfolios run from Capital Preservation to Equity Growth, with holdings reviewed and updated on a published schedule — our verification found allocations current to within the quarter.
Support is human and reachable — live chat weekdays 8–8 ET, phone 8–6 — though unlike RBC, BMO frames it as service rather than personalized advice.
The fees, plainly
The advisory fee is tiered: 0.70% on the first $100k, 0.60% to $250k, 0.50% to $500k, 0.40% beyond — charged quarterly — with fund MERs of 0.20%–0.35% underneath. Under $100,000 that’s roughly 0.90%–1.05% all-in, the highest managed cost we track; BMO’s own example prices a $275,000 account at $1,725 a year.
The arithmetic improves with size and never becomes cheap: even the 0.40% top tier plus MERs exceeds what Questwealth charges from dollar one. The MER calculator shows what a 0.5% gap compounds into over a retirement — run it before deciding the BMO badge is worth it.
For retirees
Structurally, SmartFolio is the bank robo built for the long haul: TFSA, RRSP, RESP, RRIF and non-registered — the RRSP converts in place at 71 and payments flow from the same managed portfolio. That continuity is exactly what InvestEase can’t offer.
The honest caveat is price-at-the-moment-it-matters: retirement balances are usually past $100k, where the blended fee improves — but a $300,000 RRIF still pays roughly 0.85% all-in here versus ~0.4% at the cheapest independent. Over a 25-year drawdown, that difference is measured in years of groceries.
Frequently asked questions
What does BMO SmartFolio cost, all-in?
Management fee: 0.70% on the first $100k, tiering to 0.40% above $500k (charged quarterly). Underneath: 0.20%–0.35% underneath — all-in ≈0.90%–1.05% below $100k. Minimum: $1,000 per account. Figures verified at the provider's own pages on June 10, 2026 — see how the all-in cost ranks on our Best robo-advisors comparison, and what fee differences compound into with the MER calculator.
Which accounts does BMO SmartFolio support? Can it hold a RRIF?
TFSA, RRSP, RESP, RRIF, non-registered — no FHSA or LIRA. Yes — RRIF support means the portfolio can convert at 71 and stay managed, with no forced transfer. See the RRIF minimum calculator for the drawdown schedule.
Is my money safe at BMO SmartFolio?
A product of BMO Nesbitt Burns Inc. — CIRO member, CIPF member. CIPF covers up to $1M per account-category group against the firm failing — never against markets falling. For cash deposits (a different regime), see the CDIC coverage planner.
The bottom line
The only big-bank robo with a complete retirement arc — and a price that demands you value that arc highly. Right for BMO households who will genuinely never leave; expensive convenience for everyone else. Compare the field on our robo ranking.
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This review is for educational purposes only and is not investment advice. Commissions, FX rates, account fees and offers shown were verified at the broker's own published pricing on June 10, 2026 and change without notice. Our editorial rating reflects costs, account lineup, currency handling and service — it is never paid for. CIPF protects against member-firm insolvency, never market losses. Confirm current terms on the broker's site before opening an account. See our methodology.