Overview: Justwealth markets itself as a more advanced and human-like robo. A personal portfolio manager helps find the right ETF portfolios for their clients, based on their specific goals. As mentioned above, it offers a wide range of accounts, including RRSPs, RESPs, TFSAs, RRIFs, and non-taxable accounts, and began offering group RRSPs to employers and their employees in 2021.

Investment approach: While most other robos only offer a handful of portfolios, Justwealth has more than 70, including those focused on global growth, ESG, income, and education savings. It also has portfolios in US dollars. The company uses more than 50 ETFs from nine providers, including Vanguard, iShares and Schwab. And it also offers personalized tax losses. Unlike some of its robo competitors, it comes with a dedicated personal portfolio manager, a real person who, the company says, is responsible for overseeing your investments. If you have any questions about your portfolio, you can contact that person directly.

Best robo-advisor for user-friendly accounts

Nest Wealth

This is great for people who want a simple, passive approach to investing. It’s easy to understand, the fee structure is attractive — even if your wealth grows within the same tier, you’ll still pay the same monthly fee — and the ETFs will be known to every index investor. If you’re currently working with an advisor, Nest Wealth Plus is a valuable resource to explore. It offers the convenience, efficiency and independence of a digital wealth platform combined with the trusted, targeted holistic advice of your advisor.

Summary: Nest Wealth charges a monthly flat fee and not a percentage of wealth, so you don’t pay more money as your portfolio grows within each tier. It is one of the few robos that also offers an advisor referral platform. With Nest Wealth Plus, investors interested in a more hybrid approach can continue to work with their advisor and take advantage of the low cost and digital experience of a robo platform. Indeed, it has a partnership with the National Bank Independent Network, Canada’s largest provider of back office services to independent investment dealers and portfolio managers. National Bank is a minority shareholder of Nest Wealth.
Investment approach: Nest Wealth uses several industry standard ETFs from iShares, Vanguard and BMO. The company splits your dollars across six asset classes, including domestic stocks, emerging markets and international stocks, fixed-income government and real-yield bonds, and real estate. The allocation depends on your risk tolerance and is also rebalanced regularly.

Best robo-advisor for stock pickers

Questwealth Portfolios†

Investors who may wish to combine the power of a robo-advisor for their core holdings with a discount brokerage for recreational stock selection can take advantage of this robo’s offering.

Overview: Questrade is best known for its discount brokerage, the largest independent brokerage in Canada. It also has a robo-advisor platform, Questwealth Portfolios*. The two are designed to work together so you can have one account for your own trading and manage another for you. Some investors prefer this hybrid model, which gives them more control over their savings. In 2021, Questrade introduced the QuestMobile app, an intuitive interface that gives you full functionality on your phone to track your investments.

Investment approach: Questwealth places investors in one of five standardized ETF portfolios, ranging from conservative to aggressive. The portfolios include a number of brand name fund families, including SPDR, BMO and iShares. While the ETFs themselves are mostly index funds, Questwealth actively manages the mix, for example calling back the higher-risk funds when markets appear vulnerable. The company also offers more account types than some other robos, including spouse RRSPs, TFSAs, RESPs, and locked-down retirement accounts (LIRAs), and it also has socially responsible investment options.

Learn more about Questwealth portfolios*

This post A guide to the best robo-advisors in Canada for 2022

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