Wealthsimple Invest, Questwealth Portfolios and Justwealth are the best alternatives to Investing Platforms like Wealthfront in Canada.
Wealthfront is one of the leading Robo-advisors in the United States. It is an online investment service that offers hands-free investment portfolios at a low cost.
What is Wealthfront?
Wealthfront was founded in 2008 by Andy Rachleff and Dan Carroll. It has more than 450,000 clients and over $26 billion in assets under management.
The company’s primary line of business is the automation of investing through the use of extensively diversified, reasonably priced exchange-traded funds (ETFs).
In addition to investing, you can also open high-interest cash accounts that offer savings and checking features, and a line of credit.
Unfortunately, Wealthfront is not available in Canada. It is only meant for US citizens and not for those residing outside of the U.S., including U.S. citizens residing abroad.
Wealthfront Alternatives in Canada
The three major alternative Robo-advisors to Wealthfront in Canada are Wealthismple Invest, Questwealth Portfolios and Justwealth.
Wealthsimple Invest
With more than $10 billion in assets under management, Wealthsimple is the most well-known digital wealth manager in Canada.
Clients of Wealthsimple also benefit from cheap management costs, dividend reinvesting, automated rebalancing, and access to other services, similar to Wealthfront clients.
The key features of Wealthsimple Invest include:
**Diversified portfolios: **You can invest in a personalized portfolio made up of ETFs.
Hands-free investing: Dividends earned in your portfolio are automatically re-invested and assets are rebalanced as needed throughout the year.
Multiple accounts: Offers non-registered and registered accounts including the RRSP, TFSA, RESP, RRIF, LIRA, and others.
Questwealth Portfolios
A wonderful alternative to Wealthfront is Questwealth Portfolios.
The business invests your funds in an ETF portfolio that fits your risk tolerance using active management tactics.
The key features of Questwealth include:
**Automatic rebalancing: **Your portfolio management is set-it-and-forget. It is automatically rebalanced as needed depending on market conditions.
**Tax efficiency: **Tax-loss harvesting techniques are used to lower your capital gains tax. Also, dividends are automatically reinvested.
Multiple accounts: It also offers RRSP, TFSA, RESP, LIRA, LIF, and other popular registered and non-registered accounts.
Justwealth
Justwealth is a Canadian online portfolio management company founded in 2016. Like Wealthfront, you can use Justwealth to automate your investment plan.
Its top features include:
- Automatic rebalancing
- Tax loss harvesting
- Canadian dollar and U.S. dollar accounts
- Personal investment and financial planning
Fees: Justwealth charges a 0.5% management fee for investments up to $500,000 and a 0.40% fee for investments over $500,000. In addition, average ETF MERs of 0.20% apply.
Security: Through BBS Securities Inc., CIPF protects your Justwealth investment account.
Final Thoughts
Other than Wealthsimple Invest, Questwealth Portfolios and Justwealth, Canada is home to several Robo-advisors that provide minimal costs, a variety of investment options, expert investment advice, and more.
Many of these services also give users the choice to speak with actual, live professionals for further counsel and direction.
SEO: Learn about the best alternative Wealthfront investment platforms in Canada including Wealthsimple Invest, Questwealth Portfolios and Justwealth.