As competition from so-called “robo advisors” ramps up, BMO InvestorLine is cutting fees and account minimums for its online advice service, adviceDirect.

BMO said Tuesday it is lowering the minimum asset requirement to open an adviceDirect account from $100,000 to $50,000, and will charge a $750 annual fee on accounts with between $50,000 and $100,000 in assets.

It has also cut the annual account fees for accounts with over $100,000 in assets from 1% to 0.75%; and, capped annual fees at $3,750, so that clients with assets in excess of $500,000 don’t pay any incremental fees.

The discount broker’s adviceDirect service is a hybrid between traditional full-service brokerage and DIY discount brokerage, which provides clients with online advice and investment recommendations. It is a non-discretionary fee based account where clients make their own investment decisions and manage their own portfolios. It does not offer discretionary, managed accounts.

The changes to adviceDirect come amid the debut of several “robo advisory” services in Canada that aim to serve less affluent investors with automated advice in a cost effective way.

“The changes we’re introducing to adviceDirect are consistent with our ongoing commitment to opening up online investing to a wider cross-section of Canadians. This will make it more affordable and convenient to become a BMO InvestorLine client,” said Julie Barker-Merz, president of BMO InvestorLine.