Best Robo Advisors For Beginners in Canada
Discover 7 deals available this month.
1.Wealthsimple
Wealthsimple is a beginner-friendly Canadian robo-advisor with no account minimum, offering easy setup and a wide range of account types including TFSA, RRSP, and FHSA. It features automatic rebalancing and optional socially responsible and halal portfolios.
View Deal →Wealthsimple offers a straightforward entry into investing with no minimum balance and a variety of account options, making it accessible for new Canadian investors.
Pros:
- No account minimum required
- Supports multiple account types like TFSA, RRSP, FHSA, and non-registered
- Automatic portfolio rebalancing
- Offers socially responsible and halal investment options
Cons:
- May have higher fees compared to some low-cost competitors
- Limited human advisor interaction compared to robo-advisors with dedicated managers
- Fewer advanced customization options for experienced investors
2.Questwealth Portfolios (Questrade)
Questwealth Portfolios is a low-fee Canadian robo-advisor offering professionally managed ETF portfolios with automatic rebalancing and a low minimum investment. It suits fee-conscious beginners comfortable using a straightforward online platform.
View Deal →Fee-conscious beginners will appreciate Questwealth Portfolios for its low costs and simple, effective investing platform tailored to ETF portfolios. Its automatic rebalancing and low minimum make it a practical choice for new investors focused on keeping fees low.
Pros:
- Low management fees compared to many robo-advisors
- Professionally managed ETF portfolios with automatic rebalancing
- Low minimum amount required to start investing
Cons:
- Platform may feel too basic for investors wanting more advanced tools
- Limited human advisor support compared to some competitors
- Less variety in portfolio options compared to services offering customized strategies
3.RBC InvestEase
RBC InvestEase is a robo-advisor from Royal Bank of Canada offering professionally managed ETF portfolios with straightforward pricing and easy integration for existing RBC clients. It provides bank-backed convenience suitable for new investors seeking a familiar institution.
View Deal →New investors who prefer the security of a big bank will find RBC InvestEase a comfortable entry point with its simple pricing and seamless RBC integration. It’s a solid choice for those wanting professionally managed portfolios backed by a trusted Canadian bank.
Pros:
- Backed by Royal Bank of Canada providing trusted financial stability
- Straightforward, transparent pricing
- Easy integration for current RBC banking customers
Cons:
- Less tailored portfolio options compared to some competitors
- May be less appealing to investors not already banking with RBC
- Fewer advanced features or personalized human support
4.Justwealth
Justwealth is a Canadian robo-advisor that provides a dedicated portfolio manager for each client and offers a wide range of portfolio choices. It is ideal for beginners seeking more personalized human support alongside digital investing tools.
View Deal →Beginners who value personalized guidance alongside automated investing will appreciate Justwealth’s dedicated portfolio managers and varied portfolio options. This robo-advisor blends human support with digital convenience, making it stand out for those wanting more hands-on help.
Pros:
- Dedicated portfolio manager assigned to each client
- Wide variety of portfolio choices available
- Strong client support for beginners
Cons:
- Potentially higher costs due to personalized management
- Less automated than some purely digital robo-advisors
- May not be the lowest fee option for fee-conscious investors
5.CI Direct Investing
CI Direct Investing offers professionally managed ETF portfolios with access to financial planners through a modern app. It suits beginners who want a blend of automation and on-demand planning support.
View Deal →Beginners who prefer combining automated investing with occasional personalized advice will find CI Direct Investing a balanced choice. Its modern platform and professional management make it a solid option for newcomers seeking flexible support.
Pros:
- Access to financial planners for personalized guidance
- Professionally managed ETF portfolios
- User-friendly modern app interface
Cons:
- Fewer portfolio customization options compared to some competitors
- Not the lowest fee option for highly fee-sensitive investors
- Limited information on minimum investment requirements
6.BMO SmartFolio
BMO SmartFolio offers professionally managed portfolios with easy setup, especially convenient for existing BMO customers. It provides the security of a major Canadian bank for first-time investors.
View Deal →BMO SmartFolio appeals to beginners who prefer the reassurance of a big bank and want a straightforward investing experience with professional management.
Pros:
- Professionally managed portfolios backed by Bank of Montreal
- Simple setup process for existing BMO clients
- Trusted name-brand bank providing added security
Cons:
- May not offer as many portfolio customization options as some independent robo-advisors
- Potentially less competitive pricing compared to low-fee alternatives
- Limited appeal for investors seeking more advanced or personalized guidance
7.Nest Wealth
Nest Wealth offers Canadian investors customized ETF portfolios with a flat-fee pricing structure, automatic rebalancing, and live support. It is suited for beginners planning to increase their investment balances where the flat fee becomes more cost-effective.
View Deal →Nest Wealth stands out by combining personalized portfolio management with a flat-fee pricing model, making it a compelling choice for investors expecting to grow their assets over time.
Pros:
- Flat-fee pricing structure beneficial for higher balances
- Customized ETF portfolios tailored to individual needs
- Automatic portfolio rebalancing included
- Access to live customer support
Cons:
- Flat fee may be less attractive for smaller account balances
- Less focused on beginners needing extensive hand-holding
- Limited information on minimum investment requirements
Final Words
To make the most of your investment journey, take time to compare these top robo-advisors and review their latest offers to find the best fit for your goals and budget. By staying informed and evaluating your options, you can confidently start building your portfolio this January.
Frequently Asked Questions
Wealthsimple is highly beginner-friendly with no account minimum, simple onboarding, and support for a wide range of account types like TFSA, RRSP, and FHSA. It also offers automatic rebalancing and options for socially responsible and halal portfolios.
Wealthsimple supports a broad variety of account types including TFSA, RRSP, FHSA, and non-registered accounts, making it flexible for different investment goals and tax situations.
Yes, Wealthsimple offers optional socially responsible investing portfolios as well as halal portfolios, allowing investors to align their investments with their values.
Questwealth Portfolios is well-suited for fee-conscious beginners comfortable with a simple online platform, offering low fees and professionally managed ETF portfolios. In contrast, Wealthsimple emphasizes ease of use and no minimums, appealing to those seeking very simple onboarding.
Yes, Justwealth is a good option for beginners who want more human guidance, as it assigns a dedicated portfolio manager and offers many portfolio choices alongside its digital platform.
Yes, Wealthsimple allows beginners to start investing with no minimum deposit, making it accessible for those just starting to build their investment portfolio.
