However a robo-advisor received’t depart you alone to fend for your self both; they are going to place your financial savings in a usually low-cost, portfolio matched to your circumstances and wishes. They usually’ll be there ought to it’s worthwhile to change course.
Made potential by monetary know-how and the proliferation of their predominant funding car, exchange-traded funds (ETFs), robo-advisors have been round for greater than a decade in Canada. Lately there are 9 suppliers accessible coast to coast. As you’ll discover beneath, some have settled into particular niches, whereas others proceed to actively prospect for brand spanking new prospects, 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 report 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 could value extra). Your returns most likely received’t shoot out the lights, however they’ll be aggressive with the alternate options.
We must always notice 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 provide that these ETFs don’t is recommendation. They’ll steer you towards the fitting portfolio to your wants and make modifications as your wants change. The selection of what asset-allocation ETF to purchase and whether or not to keep it up, in contrast, is all on you.
Associated studying: Finest all-in-one ETFs
A robo-advisor is an appropriate, modestly priced answer for individuals who don’t really feel comfy investing on their very own. And even in case you do know a factor or two about investing, a robo can prevent quite a lot of time tinkering together with your portfolio. Simply set it and neglect it.
With this, the 2026 version of MoneySense’s robo-advisors information, we’ve sifted by all of the choices accessible 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 based mostly on the scale of your accounts with them. Bigger prospects are normally charged decrease portfolio administration charges expressed as a share of belongings. Examine the extent of charges you’ll be charged at potential suppliers based mostly particularly in your account measurement, now and within the foreseeable future.
- We’ve got supplied a snapshot of comparative efficiency in our desk, however it solely represents one kind of portfolio: a balanced portfolio consisting of roughly 60% equities and 40% mounted revenue. Take a look at the efficiency of the suppliers’ different portfolio sorts, particularly these you’re seemingly to make use of (conservative, development, revenue, accountable, and so forth.). If the robo-advisor you’re contemplating doesn’t publish historic efficiency knowledge on its web site, ask for it.
- Suppliers provide momentary promotions sometimes, particularly throughout RRSP season, resembling a money bonus credited to your account while you switch it from one other establishment. Usually these cash-back affords find yourself merely compensating for switch charges charged by the establishment you’re leaving, although the federal authorities is readying laws that goals to remove switch charges. Whereas it’s enjoyable to see free cash pop up in your account, it received’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 staff of educated journalists works carefully with main private finance specialists in Canada. That can assist you discover one of the best monetary merchandise, we evaluate the choices of main establishments, together with banks, credit score unions and card issuers. Be taught extra about our promoting and trusted companions.
The perfect 3 robo-advisors in Canada
These three suppliers provide one of the best stability of options and modest prices for retail buyers.
Finest total (Gold): Justwealth
Finest for: Buyers with substantial sums to take a position, a number of accounts, and complicated wants (the minimal account measurement in most conditions is $5,000); buyers looking for extra personalised service.
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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 obvious 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 nearly each portfolio class over varied intervals. Rival robos, in contrast, are sometimes tied to sure fund households by their guardian firms or business partnerships.
Justwealth additionally assigns shoppers a devoted advisor to cope with as an alternative 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 primary house financial savings account? They’ve bought it. Need the choice of switching portfolios as your wants change? You are able to do that, too.
What Justwealth can’t provide is different monetary providers resembling banking or brokerage providers. 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 difficult to beat.
Finest General (Silver): Wealthsimple
Finest for: Buyers open to different investing and monetary providers, from cryptocurrency to bodily gold holdings to non-public strains of credit score.
Wealthsimple began out as a robo-advisor—Canada’s first, in 2014—however has since branched out into nearly each side of non-public monetary providers. Certainly, it’s mounting a problem to the nation’s infamous banking oligopoly. When you open a managed investing account (as Wealthsimple now calls its robo-advisor service), anticipate pitches for lots of different providers too. For instance, it lately launched direct indexing, a buzzy technique for holding particular person shares as an alternative of index ETFs.
Along with primary index ETF portfolios, Wealthsimple now affords its managed investing shoppers the Summit Portfolio, which mixes ETFs with personal belongings for better diversification, and entry to a personal infrastructure fund (anticipate 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 lately.
Finest General (Bronze): Questwealth
Finest 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.
