Let the power of technology fuel your savings with this data-driven investment platform.
Your account fees could be 50% lower than what you’ll pay with Canada’s big banks.
Are you looking to dip your toe in the stock market? It can be a bit intimidating at first, especially if you’re not sure what you’re doing. That’s what makes the Questwealth Portfolios robo-advisor by Questrade Wealth Management so attractive for new investors.
It simply uses the data you input about your finances and risk appetite to pick the best investments to match your profile. You can also get in touch with a real person if you need more guidance or want to ask any questions about your account.
What is the Questwealth Portfolios robo-advisor?
The Questwealth Portfolios robo-advisor is your online tech guru for all things investment. It uses the data you input into your application to create a portfolio that best suits your unique set of needs, budget and lifestyle. The investments in this package include exchange traded funds (ETFs), which are similar to mutual funds except with lower fees.
If you decide that the package looks profitable, you can connect your bank account to the platform to transfer in the money you want to invest. Questwealth’s robo-advisor will then take that money and put it into the funds outlined in your ETF package. Its team of investment experts will follow up by checking and rebalancing your accounts periodically to make sure there are no discrepancies.
How much does the Questwealth Portfolios robo-advisor cost?
The Questwealth Portfolios robo-advisor costs much less than traditional investing. It also comes with lower fees than the robo-advisor programs operated by Canada’s Big Five banks. You can get a portfolio for less than half of what some other providers charge.
This fee is broken down into two different components. One is a management fee made up of a small percentage per year on your account while the other is charge for management expense ratio (MER) fees for managing your investments on an ongoing basis. These fees will be calculated and applied to your account on a monthly basis.
Questrade’s robo advisor charges a 0.25% fee for accounts up to $99,999 and a 0.20% fee for accounts above $100,000.
What are the benefits of the Questwealth Portfolios robo-advisor?
There are a number of benefits that you can take advantage of if you opt to sign up for the Questwealth Portfolios robo-advisor.
- Easy application. It’s easy to open an account in a matter of minutes using the Questwealth Portfolios online application.
- Cost-effective solution. You’ll pay less for a robo-advisor than you will for a dedicated financial advisor since the whole process is automated.
- Affiliate offer. As an affiliate you can also earn $50 for every Questwealth Portfolio account referred and your customer will get their first $10,000 managed free for a year.
- Lower fees than big banks. Your account fees could be 50% lower than what you’ll pay with Canada’s big banks.
- Active management. Portfolio managers are on hand to adjust your portfolio, which will help to reduce your risk while maximizing your gains.
- Many account types. You can put your investments into just about any kind of account, including RRSPs, TFSAs, RESPs and cash accounts.
- SRI portfolios available. If you are looking for socially responsible investing options, you can choose from one of five SRI portfolios.
- Real-time rebalancing. Your portfolio will be automatically rebalanced by Questwealth’s software when market conditions change.
- Easy to review. It’s easy to check your balances online with 24/7 access to your investments through Questwealth’s online and mobile app.
- Top-notch customer service. Questwealth’s customer service team is comprised of over 100 agents who are just a phone call away.
What should I watch out for?
Along with the benefits to the Questwealth Portfolios robo-advisor, there are a couple of potential drawbacks you should keep an eye out for:
- Potential for financial losses. You risk losing money on your investments, especially if your risk appetite is high.
- Powered by technology. Most investments are powered by algorithms, which means they’re heavily dependent on how well Questwealth’s specialized technology works.
- Less control. You won’t be able to move funds in your portfolio manually, though you can call Questwealth’s customer service team to get assistance.
- Less dedicated support. Since technology is doing the majority of the investment work, you’ll get less face-to-face time with a real-live advisor.
- No in-person service. You won’t be able to go into a branch to speak to a real person about your investments.
What should I know before I apply?
To invest your money with Questwealth Portfolios, you need to meet the following criteria:
- Be at least 18 years old (and 19 in some provinces).
- Be a citizen or resident of Canada.
How to apply
If you think you meet all the eligibility criteria and you’re ready to start investing with Questwealth Portfolios, you just need to follow the steps below:
- Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and negotiate the terms of your investment if you meet the eligibility requirements.
How to invest and withdraw funds
Once you’ve been approved for a Questwealth Portfolios account, you’ll have to link it to your bank account. From there, you can easily transfer the money you want to invest with the click of a mouse. You can also set up regular pre-authorized contributions if you want to add to your investments.
To take money out of your account, you’ll need to contact Questwealth Portfolios customer service team directly. Just remember that it can take up to five business days for your transaction to be processed since it takes a few days for ETFs to be sold and converted to cash.
Compare other robo-advisors
The Questwealth Portfolios robo-advisor is a low-fee alternative to traditional investing. It offers the potential for high returns by combining tech-driven investment recommendations with real-time advice from a team of skilled experts. This makes sure you get the best portfolio to meet your needs. Learn more about how this platform works and sign up for your free account today to start investing.