With their automated investment management, minimal costs, and convenience of use, robo-advisors have grown in popularity among Canadian new investors.
These are top 5 robo-advisors in Canada for first-time investors.
Top 5 Robo-Advisors in Canada for Beginner Investors
1. Wealthsimple
Why it is great for beginners: Wealthsimple is Canada’s largest and most user-friendly robo-advisor.
It offers a simple interface, cheap fees, and a variety of portfolio options, including socially responsible investment (SRI) and halal investing.
Fees: management fee (0.40% to 0.50%; lower for bigger deposits).
Minimum investment: $0.
Features: Features include access to financial experts, tax-loss harvesting, and automatic rebalancing.
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2. Questwealth Portfolios (by Questrade)
Why it is great for beginners: One inexpensive choice with a simple platform is Questwealth Portfolios.
Questrade, a renowned discount brokerage in Canada, supports it.
Fees: Management charge, 0.20% to 0.25%.
Minimum investment: $1,000.
Features: Features include access to ETFs, diverse portfolios, and low costs.
3. RBC InvestEase
Why it is great for beginners: One of the biggest banks in Canada supports RBC InvestEase, providing dependability and trust.
Beginners who want the security of a large bank will find it ideal.
Fees: Administration fee of 0.50%.
Minimum investment: $0.
Features: Features include access to RBC advisors, automated rebalancing, and customized portfolios.
4. BMO SmartFolio
Why it is great for beginners: Another bank-backed robo-advisor that provides a quick and safe option to begin investing is BMO SmartFolio.
For people who wish to stay with a reputable financial institution, it is excellent.
Fees: Management charge, 0.40–0.70%.
Minimum investment: $1,000 is the minimum investment.
Features: Features include access to BMO advisors, automated rebalancing, and diversified portfolios.
5. Nest Wealth
Why it is great for beginners: Nest Wealth’s flat-fee pricing plan makes it affordable for investors with higher balances, which is why it is fantastic for newbies.
It is a simple choice for people who want uncomplicated investing.
Fees: 10/month(flatfee)f oraccountsunder20,000; 20/month f or account sover 20000 Minimum
Investment: $0.
Features: Features include diverse portfolios, no hidden costs, and a flat charge structure.
Key Considerations for Beginners
Fees: To increase your profits, search for low management fees.
Ease of Use: Select a platform with a user interface that is simple to use.
Minimum Investment: Beginners can use certain robo-advisors because they do not need a minimum investment.
Customer Support: Verify that the platform provides access to financial advisors or excellent customer service.
Every one of these robo-advisors has advantages, so pick the one that best suits your preferences, risk tolerance, and financial objectives.
