However a robo-advisor gained’t depart you alone to fend for your self both; they’ll place your financial savings in a usually low-cost, portfolio matched to your circumstances and wishes. They usually’ll be there ought to that you must change course.
Made potential by monetary know-how and the proliferation of their important funding car, exchange-traded funds (ETFs), robo-advisors have been round for greater than a decade in Canada. Lately there are 9 suppliers out there coast to coast. As you’ll discover under, some have settled into particular niches, whereas others proceed to actively prospect for brand new clients, each from rival robos and from banks and mutual fund gross sales representatives. They differ within the investments they carry, the charges they cost and the best way they cost them, the extent of personalised service they supply, and their monitor file of efficiency.
Robo-advisors’ prices, together with their very own portfolio administration charges and the administration expense ratios (MERs) of the funds they use, vary from about 0.5% to 1% of belongings beneath administration per 12 months (some socially accountable and private-asset portfolios might value extra). Your returns in all probability gained’t shoot out the lights, however they’ll be aggressive with the options.
We must always be aware that, since 2019, there was one other, even lower-cost choice for buyers to acquire algorithm-assisted portfolio administration in Canada: the all-in-one, globally diversified, asset allocation ETF. What robo-advisors supply that these ETFs don’t is recommendation. They are going to steer you towards the proper portfolio to your wants and make adjustments as your wants change. The selection of what asset-allocation ETF to purchase and whether or not to keep it up, against this, is all on you.
Associated studying: Greatest all-in-one ETFs
A robo-advisor is an appropriate, modestly priced resolution for individuals who don’t really feel comfy investing on their very own. And even should you do know a factor or two about investing, a robo can prevent numerous time tinkering together with your portfolio. Simply set it and overlook it.
With this, the 2026 version of MoneySense’s robo-advisors information, we’ve sifted via all of the choices out there to Canadians within the hope of serving to you discover one of the best supplier to your scenario.
What to know when assessing robo-advisors
- Suppliers scale their charges primarily based on the scale of your accounts with them. Bigger clients are normally charged decrease portfolio administration charges expressed as a share of belongings. Evaluate the extent of charges you’ll be charged at potential suppliers primarily based particularly in your account measurement, now and within the foreseeable future.
- Now we have offered a snapshot of comparative efficiency in our desk, nevertheless it solely represents one kind of portfolio: a balanced portfolio consisting of roughly 60% equities and 40% fastened revenue. Try the efficiency of the suppliers’ different portfolio sorts, particularly these you’re possible to make use of (conservative, development, revenue, accountable, and so on.). If the robo-advisor you’re contemplating doesn’t publish historic efficiency information on its web site, ask for it.
- Suppliers supply momentary promotions occasionally, particularly throughout RRSP season, equivalent to a money bonus credited to your account if you switch it from one other establishment. Typically these cash-back gives find yourself merely compensating for switch charges charged by the establishment you’re leaving, although the federal authorities is readying laws that goals to get rid of switch charges. Whereas it’s enjoyable to see free cash pop up in your account, it gained’t a lot have an effect on your life financial savings over the lengthy haul.
Why belief us
MoneySense is an award-winning journal, serving to Canadians navigate cash issues since 1999. Our editorial crew of skilled journalists works intently with main private finance consultants in Canada. That will help you discover one of the best monetary merchandise, we examine the choices of main establishments, together with banks, credit score unions and card issuers. Study extra about our promoting and trusted companions.
One of the best 3 robo-advisors in Canada
These three suppliers supply one of the best stability of options and modest prices for retail buyers.
Greatest general (Gold): Justwealth
Greatest for: Traders with substantial sums to take a position, a number of accounts, and sophisticated wants (the minimal account measurement in most conditions is $5,000); buyers searching for extra personalised service.
Justwealth is only a robo-advisor. That’s all it does, which, relying in your perspective, could also be a plus or a minus. The upside is clear within the efficiency of its portfolios. As a result of Justwealth is free to utilize the best-performing ETFs whatever the fund firm, it tends to have one of the best or near-best returns in virtually each portfolio class over varied intervals. Rival robos, against this, are sometimes tied to sure fund households via their mum or dad corporations or business partnerships.
Justwealth additionally assigns purchasers a devoted advisor to cope with as a substitute of an nameless assist desk. And it has by far the widest vary of portfolio sorts—greater than 80 of them. Want an account timed to your anticipated retirement date in 2040? Justwealth has it. Want a first dwelling financial savings account? They’ve acquired it. Need the choice of switching portfolios as your wants change? You are able to do that, too.
What Justwealth can’t supply is different monetary companies equivalent to banking or brokerage companies. It doesn’t have a sideline in crypto buying and selling or tax preparation. But when all you need is low-cost, automated portfolio administration, Justwealth is tough to beat.
Greatest Total (Silver): Wealthsimple
Greatest for: Traders open to different investing and monetary companies, from cryptocurrency to bodily gold holdings to private strains of credit score.
Wealthsimple began out as a robo-advisor—Canada’s first, in 2014—however has since branched out into nearly each facet of non-public monetary companies. Certainly, it’s mounting a problem to the nation’s infamous banking oligopoly. If you happen to open a managed investing account (as Wealthsimple now calls its robo-advisor service), count on pitches for lots of different companies too. For instance, it lately launched direct indexing, a buzzy technique for holding particular person shares as a substitute of index ETFs.
Along with fundamental index ETF portfolios, Wealthsimple now gives its managed investing purchasers the Summit Portfolio, which mixes ETFs with personal belongings for larger diversification, and entry to a non-public infrastructure fund (count on greater charges for these). It additionally launched revenue portfolios designed to pay out a stream of money each month, helpful in a registered retirement revenue fund (RRIF).
And since our final survey, the corporate has added full-service wealth planning at a value beginning at 0.9% of belongings beneath administration per 12 months, which incorporates portfolio administration charges. Lengthy an underperformer with respect to its portfolio returns, Wealthsimple has been aggressive with its robo rivals in recent times.
Greatest Total (Bronze): Questwealth
Greatest for: Frugal buyers intent on paying the bottom charges; buyers who additionally wish to dabble in self-directed investing with a (largely) commission-free brokerage account.
