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Justwealth robo-advisor review

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With a large collection of portfolios, Justwealth offers numerous investment options.

Receive a cash bonus of $50.00-$225.00 when you open a new Justwealth account. RESP accounts require no minimum deposit to begin investing.

Details

Minimum deposit to invest$5,000
Management fee0.50%
Funding methodsDirect deposit,Bank transfer,Automatic bank withdrawals
Available asset typesETFs

Toronto-based Justwealth robo-advisor offers over 60 portfolio options with affordable management fees and provides readily accessible information pertaining to your investments with its easy-to-use dashboard.

Operating in all ten provinces, but not the three territories, Justwealth is a relatively young company, but it is quickly gaining a reputation for its user-intuitive online investment platform.

What is Justwealth robo-advisor?

Justwealth is known for its low management fees while offering clients a number of different portfolio options to give everyone an investment option that is right for them.

With its customized and personalized portfolio management strategy, Justwealth robo-advisor uses more than 40 ETFs from nine different providers to help grow your wealth, generate passive income and preserve your wealth.

To get started with Justwealth, you will need to fill in an online account application where you’ll be required to submit basic personal, financial and employment information. This is to help Justwealth determine your financial needs and to comply with legal and regulatory information.

How much does the Justwealth robo-advisor cost?

Justwealth prides itself on offering its clients low management fees. For accounts with balances under $500,000, you’ll pay a 0.5% management fee. This figure goes down to 0.4% if your balance is over $500,000.

If you don’t wish to invest much to start off ($12,000 or less), Justwealth will charge you a $4.99 monthly fee for its services. However, in order to open an account with Justwealth, you’ll need to start with a minimum balance of $5,000

Lastly, if you have your eyes set on just opening an RESP account with Justwealth, that monthly fee drops to $2.50 and there is no minimum account size.

Justwealth‘s management fees will cover the following:

  • Dedicated personal portfolio manager and support team
  • Investment policy statement
  • Professionally-engineered growth, income, preservation and target date ETF portfolios
  • Tax-efficient portfolios and account structuring
  • Canadian and US dollar accounts
  • Ongoing portfolio management and automatic rebalancing
  • Personalized financial planning
  • Tax loss harvesting
  • Portfolio transitioning
  • Quarterly market commentary

What are the benefits of Justwealth robo-advisor?

  • Low fees. Worry less about management fees with its straightforward monthly rates for smaller balances and lower fees on higher balances.
  • Large portfolio offerings. With over 60 different portfolios, Justwealth claims to have the largest collection of portfolios of any robo-advisor in Canada.
  • Target-date portfolios. A signature feature of Justwealth services, this allows your RESP investment to mature the closer your child gets to beginning their post-secondary education.
  • Canadian and US dollar accounts. Enjoy the luxury of investing in either or both Canadian and US currencies without paying extra in management fees.
  • Online convenience. Manage the progress of your investments through your computer, mobile phone or tablet using Justwealth‘s easy-to-use online platform.
  • Safety and security. Financial information is sensitive and all information is saved and stored on its secure servers.

What should I watch out for?

Minimum account balance. Justwealth requires you to start with a minimum balance of $5,000, which is a bit higher than most robo-advisor services.

  • Personal portfolio manager. Upon signing up and depositing your money with Justwealth robo-advisor, the company will automatically assign you a personal portfolio manager, which may not be what you’re looking for with robo-advisor services.
  • Potential for financial losses. Like any arena where you invest or wager money, there is always a fair chance of losing money on your investments.

What should I know before I apply?

To begin investing your money with Justwealth, you need to meet the following eligibility requirements:

  • Be at least 18 years of age
  • Be a Canadian citizen or resident of Canada
  • Live in one of the ten provinces

How to apply

If you meet the eligibility requirements and want to proceed with signing up for an account to use Justwealth services, you need to apply by doing the following:

  1. Click the green ‘Go to site’ button above to be securely redirected to Justwealth‘s website. You’ll need to fill in basic details including your first and last name, email and then create a password.
  2. Once you’ve set up an account, you will then have to complete Justwealth‘s investment questionnaire. Completing this questionnaire is essential for Justwealth to recommend one of its 60+ portfolios.
  3. Upon completing the questionnaire, you will then be required to complete and submit your personal information, including your social insurance number, bank account details and employment information.
  4. Lastly, you will have to upload your photo identification and then sign the online investment application.

How to invest and withdraw funds

Once you have signed up for an account with Justwealth and completed all the required forms and documents, you can begin investing your money. To do so, you’ll need to enter your banking information, which will include the account you wish to deposit and withdraw your funds from. Once you have linked your bank account, you can begin depositing money into your Justwealth account and begin investing.

Bottom line

Offering customers over 60 different portfolio options coupled with low management fees, Justwealth gives Canadians another option to invest with a robo-advisor. Once you’ve set up an account, it’s simple to check on the progress of your investments with its online platform and with your own personal portfolio manager.

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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