Canadian wealth management firm Qtrade Financial has launched a new online investment service to enable its banking partners across the country to offer digital advice.

The new robo-advice service, called VirtualWealth, uses professionally managed, low-cost exchange-traded fund (ETF) portfolios that are tailored for investors looking for professionally managed investments.

Investors will have to answer a set of risk- and goal-based questions then an investor diagnostics engine will suggest a portfolio designed to deliver the right balance between growth potential and capital protection, the company said.

Qtrade Financial Group senior vice president and head of online brokerage and digital advice Catherine Wood said: "We're really excited about introducing a high-quality digital advice platform that will help our partners remain competitive in a fast-changing marketplace.

"VirtualWealth extends our partners' suite of seamlessly integrated wealth management solutions, and enhances their ability to meet the advice preferences of all their clients. Investors who value a face-to-face relationship can have great advice from a qualified advisor. Those who want to self-manage some of their own investments can choose online brokerage. Now, robo-advice is another option in that broad continuum of wealth services."