Royal Bank of Canada’s wealth business has teamed up with three major fund houses to offer more investment products to households with smaller accounts.

RBC Wealth Management US has boosted its offering for smaller retirement accounts with three ranges of investment portfolios from American Funds, Vanguard and iShares.

The new additions include five exchange-traded fund portfolios from Vanguard; ETF portfolios from iShares; and five mutual fund portfolios from American Funds. The Vanguard and iShares ETF ranges require a $10,000 minimum investment, while the minimum investment on American Funds' mutual fund suite is $25,000.

Less than a year ago, RBC Wealth Management US lowered the minimum investment amount on its RBC Strategic ETF Portfolio to $10,000. Within eight months of lowering the minimum, the number of accounts quadrupled and the assets in those accounts tripled, the firm said in a statement.

"These portfolios help us provide additional account management options to clients whose advisory households may include smaller accounts," said Sandy Duerre, director of US advisory programs for RBC Wealth Management. "We're already seeing robust early adoption of these strategies and expect that trend to continue."

"By teaming with three industry leaders, we can offer clients several attractive, low-cost portfolio options to grow their wealth. The combination of low-cost and professionally managed strategies gives clients the best of both worlds and we believe is the formula for long-term success," added Kevin McDevitt, director of global manager research for RBC Wealth Management.