Best Robo Advisors For Beginners in Canada
Discover 3 deals available this month.
1.Justwealth
Justwealth offers over 80 personalized portfolios and assigns a dedicated financial advisor to each client, with fees starting at $4.99 per month for small accounts. It is tailored for beginners who want customization and support in their investing journey.
View Deal →Justwealth stands out by combining extensive portfolio options with personal financial advisor access, making it a solid choice for investors who value tailored guidance alongside automated investing.
Pros:
- More than 80 personalized portfolio options
- Dedicated financial advisor for each client
- Competitive fees starting at $4.99/month for small accounts
Cons:
- Fees may be higher than some other robo-advisors with lower management costs
- Not the most cost-effective for very small investments
- Less emphasis on tech-friendly features compared to some competitors
2.Wealthsimple
Wealthsimple offers a beginner-friendly investing platform with no minimum balance and low fees ranging from 0.4% to 0.5%. It supports all major Canadian accounts like TFSA and RRSP, making it accessible for new, tech-savvy investors.
View Deal →Wealthsimple stands out as a straightforward choice for new investors thanks to its easy-to-use platform and flexible account options. It's a solid pick for those who want to start investing without upfront balance requirements.
Pros:
- No minimum balance required to start investing
- Low management fees between 0.4% and 0.5%
- Supports a wide range of account types including TFSA and RRSP
- User-friendly platform ideal for tech-savvy beginners
Cons:
- Fees are higher compared to some competitors with lower rates
- Limited portfolio customization options for advanced investors
- No dedicated financial advisor included in basic plans
3.Questwealth Portfolios
Questwealth Portfolios offers automated investment portfolios with the lowest fees in the market, ranging from 0.2% to 0.25%, and requires a $1,000 minimum investment. It is backed by Questrade brokerage, making it suitable for beginners focused on cost efficiency.
View Deal →Cost-conscious beginners will find Questwealth Portfolios appealing thanks to its low fees and solid backing by Questrade, offering a straightforward investing experience without high barriers.
Pros:
- Lowest management fees among Canadian robo-advisors (0.2-0.25%)
- Backed by reputable Questrade brokerage
- Automated portfolios designed for efficiency and simplicity
Cons:
- Requires a $1,000 minimum investment, which may be high for some beginners
- Limited customization options compared to other advisors
- Less personalized support than some competitors offering dedicated advisors
Final Words
To find the best robo advisor for your needs, take time to compare key features like fees, minimum investments, and personalized support to ensure you get the best value and fit. You can explore current offers from top providers like Justwealth, Wealthsimple, and Questwealth to make an informed choice that aligns with your financial goals.
Frequently Asked Questions
Justwealth offers over 80 personalized portfolios and assigns a dedicated financial advisor to each client, providing tailored support for beginners. Its competitive fees start at $4.99 per month for small accounts, making it a strong choice for those seeking customization and guidance.
Justwealth charges competitive fees starting at $4.99 per month for small accounts. This pricing structure is designed to be affordable for beginners while offering personalized portfolio options.
Yes, Justwealth assigns a dedicated financial advisor to each client, ensuring beginners receive personalized support and guidance for their investment portfolios.
Minimum investment requirements vary by provider; for example, Questwealth Portfolios requires a $1,000 minimum investment, while Wealthsimple has no minimum balance requirement, making it accessible for beginners with any budget.
Questwealth Portfolios offers the lowest fees among top Canadian robo advisors, with fees ranging from 0.2% to 0.25%. It is a cost-effective option for beginners mindful of expenses.
Yes, Wealthsimple supports all major accounts including TFSA and RRSP, and it is known for its user-friendly platform and low fees, making it ideal for tech-savvy beginners.
