ModernAdvisor Raises $2.2M to Disrupt Investment Management in Canada

VANCOUVER, BC--(Marketwired - September 23, 2015) - ModernAdvisor, a technology-driven investment advisor based out of Vancouver, announced that it has closed a $2.2M financing round, led by notable Vancouver businessmen Moray Keith and Jim Bond. ModernAdvisor's mission is to bring low-cost, high-quality, and transparent investment management to all Canadians, regardless of their account size.

"Canadians pay the highest fees in the developed world for investment products. The problem is compounded by lack of transparency and rampant conflicts of interests in the industry," says Navid Boostani, co-founder and CEO of ModernAdvisor. "We solve these issues by offering truly unbiased investment management services for a transparent and exceptionally low fee."

ModernAdvisor uses smart technology to create personalized, diversified, and optimized portfolios of ETFs for its clients. Canadians can use the service as a hassle-free way to manage their RRSP, TFSA, and taxable accounts. As market conditions and client circumstances change, ModernAdvisor adjusts and rebalances the client's portfolio to make sure their investments remain suitable for their financial goals.

ModernAdvisor's management fees range from 0.35% to 0.50% per year, a fraction of the cost of the average mutual fund in Canada.

The financing round announced today will enable ModernAdvisor to grow its already exceptional team. In particular ModernAdvisor is hiring more software engineers and data scientists to establish itself as a leader amongst technology-driven financial advisors in Canada.

Ali Tajeskandar, founder and CEO of marketing company Wishpond and a member of the advisory board of ModernAdvisor noted, "By lowering costs and eliminating account minimums ModernAdvisor is democratizing access to high quality investment management in Canada. The company's refreshingly simple and transparent approach to investing is a welcome change in an industry that's been traditionally very opaque and confusing. I am very pleased to be part of this transformation in the Canadian investment industry."

Canadians can visit ModernAdvisor.ca today for a preview of the service, and to get a personalized asset allocation recommendation free of charge. ModernAdvisor is scheduled to launch publicly in late October in British Columbia, Alberta, and Ontario. The service will launch in other Canadian provinces shortly after.