Justwealth Review

Justwealth Review

Written by Corrina Murdoch
Fact-checked by Caitlin Wood
Last Updated September 30, 2021

Everyone can benefit from a financial management plan. It becomes especially important when you begin to develop your portfolio. Justwealth is a reputable company that offers Canadians a variety of investment portfolio options designed to help build their wealth or generate passive income. If you’re looking for a convenient and affordable way to invest, Justwealth is simple to use, entirely virtual and a fantastic platform for both beginners and advanced investors. 

How Does Justwealth Work?

By using a simple process, coupled with the wisdom of financial professionals, Justwealth helps clients make the most of their investment funds. First, you provide details about your personal goals and financial situation. This enables Justwealth to get a full picture of what you hope to gain. You detail the amount of money you want to invest and a timeline, which helps Justwealth execute your investments. Once you submit the funds and review the recommendations from Justwealth, you can move on to the next step.

The next step involves getting assigned to a portfolio management professional. This individual is the exclusive representative of your account. They allocate your investment funds into the exchange-traded funds (ETFs) that best suit your requests. Even if you didn’t have a pre-existing portfolio, this helps you get started. If, as you move forward, your priorities change, Justwealth remains accessible. Though your account representative handles the daily goings-on of your portfolio, you can always touch base with them. Once you inform them of requisite alterations, they can adjust your portfolio accordingly. 

Types Of Justwealth Accounts Available

Depending on your priorities and long-term goals, there are different accounts you can approach. Tax-free savings accounts help buffer large amounts, registered retirement savings plans are excellent for future financial security. Joint investment accounts enable you to share risk and profit with others. If your focus is on quicker gains, a non-registered (and taxable account) is also an option. 

Types Of Justwealth Investments Portfolios

Justwealth offers numerous investment portfolios, including the following:

  • Income Portfolios – While fixed-income investments are typically suited to conservative investors, Justwealth has designed a portfolio that allows those with a high net worth and an aggressive investment style to also earn consistent income. 
  • Tax-Efficient Portfolios – This portfolio can help those with large sums invested in taxable non-registered investment accounts. The portfolio is designed to optimize after-tax returns to be more tax-efficient (i.e. capital gains instead of interest). 
  • RESP Target Date Portfolios – This RESP investment portfolio is unique to Justwealth. It offers investors a portfolio that is designed to change with their child’s age. The investment starts off aggressive while the child is young, and as it reaches maturity (the year the child is set to start school) the investments will shift towards more conservative investments. 
  • US Dollar Portfolios – Canadian investors that like to fund their investments using US currency can opt for the US Dollar portfolio. It is currently available for the Growth and Income portfolios.

Justwealth Features

  • Reinvest Dividends – This feature enables you to use your gains to compound the profits of your account. It reduces the need for your attention and minimizes overall maintenance. However, if you are using dividends as liquid cash, this is something you should bring up during the consultation. 
  • Socially Responsible Investing – Justwealth enables clients to profit both financially and ethically. By observing responsible investment practices, you are contributing to businesses with ethical and moral practices.
  • Automatic Rebalancing – Everyone knows that the market is fluid. To account for these deviations, the Justwealth team will adjust your investments to leave your portfolio in the chosen parameters. 
  • Tax-Loss Harvesting – Especially if you’re worried about a hefty tax bill, this feature gives you the chance to sell assets at a loss to manage your tax expenses overall. 
  • Monthly Performance – Investors interested in learning the performance of any of Justwealth’s portfolios can review it through Justwealth’s Performance Page. Investors can find information on any portfolio that has been available for at least a year. Through it, an investor can find data on top holdings, MER, risk level, asset allocation and other pertinent information. 
  • Complimentary Portfolio Reviews – Justwealth provides free advice from an investment professional on how your portfolio should be invested. All you need to do is submit your investment statement here
  • Minimum Investment – To participate in most of Justwealth’s programs, you must invest at least $5,000. The exception is RESPs, which have no minimum amount required. 
  • User-Interface – Justwealth has a simple and easy-to-use interface. Users can view their accounts all at once in their dashboard. Justwealth provides graphs that show your account breakdown as well as your asset class breakdown. Moreover, Justwealth’s Bulletin Board makes it easy for clients to open new accounts, transfer funds, and change contribution options. 
  • Educational Resources – Justwealth also provides its clients with engaging, informative and educational material on all things involving investing through their blog and podcast called “The Just Word Podcast”. 
  • Customer Service – The Justwealth team provides you with a dedicated portfolio management representative. The company is easy to contact and prides itself on assisting clients in all financial matters. You can inquire as much or as little as you need.  
  • Human help: Since this is technically a robo-advisor service, the human side is more in the background. You can call in and speak with someone, though this is usually not required. 

Justwealth Fees

Since Justwealth employs an MER methodology, payments are simplified. Essentially, you pay an annual fee relative to your investments and a small percentage of your gains. The Justwealth management fee is 0.5% (or 0.4% over $500k) but the average MER is only 0.20%.

The minimum management fee is $4.99 monthly for all accounts except RESPs. This covers your account, trading and custody fees. Fees differ for RESPs and are a minimum of $2.50 per month. 

How Are Your Investments Managed? 

  • ETFs or mutual funds: Justwealth focuses its investments on ETF portfolios. 
  • Passive investment approach: However, the investment representative can actively make changes if required. 
  • Automatic rebalancing: You can opt to ensure that your portfolio falls within the same parameters.
  • Reinvest dividends: Since gains are reinvested, you can limit the amount of maintenance effort and time you spend. 
  • Tax-loss harvesting: You can sell options at a loss to buffer against a hefty tax bill further down the line. 
  • Protected: Your accounts are protected (up to one million dollars per account type) by the Canadian Investor Protection Fund.

Justwealth Overview

FeesAnnual Management Costs:  0.5% of first $500,000 (or 0.4% over $500k)
Management Expense Ratio0.20% (Average MER for all portfolios)
Minimum investment$5,000 for accounts other than RESPs; Minimum fee of $4.99 monthly; $2.50 RESP account minimum fee paid monthly
Reinvests dividendsTax-deductable management fee of 0.5%
Tax-loss harvestingYes
Automatic RebalancingYes
Types Of PortfoliosIncome Portfolios
U.S. Dollar Portfolios
Tax-Efficient Portfolios
RESP Target-Date Portfolios

What To Expect When You Work With Justwealth

Visit the Justwealth website to get started. You will need your social insurance number as well as your spouse’s (in certain situations). Also required are bank account details and photo identification. Beneficiary information is also requisite. After a brief digital form, you are set to go. The online system gives you the opportunity to gather all information and think on your own time. With a comprehensive form, designed to fit you into one of ten programs, you can easily choose the best route for your needs. 

Justwealth FAQs

Does Justwealth offer any promotions for students? 

Yes, Justwealth recently launched a promotion for students called Student and Recent Graduates. This promotion offers students and recent graduates the opportunity to invest by reducing common barriers to entry like management fees and the minimum investment amount.   

How many portfolio options does Justwealth have? 

Justwealth offers over 70 different ETF portfolios by combining 42 various ETFs from 9 ETF companies. Their wide access to multiple ETFs allows Justwealth to create more customized portfolios that can offer their clients better investment solutions. 

Is Justwealth safe to use?

Justwealth protects your funds by using secure communications and proven methods. Typically, a certain amount of agreed-upon risk lies with the investor. 

Who would benefit most from using Justwealth? 

Busy professionals typically get the most out of this service. If you have savings and are hoping to foster its growth, this service works well. Especially if you work full time and are still focused on earning, the low-maintenance structure of Justwealth is very useful.

How personalized are the investment portfolios at Justwealth? 

Justwealth offers more portfolio options than any other robo-advisor on the market. They use 42 different ETFs from 9 ETF providers to create over 70 unique portfolio options for their clients. Investors can further customize their options by choosing a portfolio that invests in socially responsible companies.

Bottom Line

By creating a diversified investment portfolio and using the advantages of modern technology, you can ensure a solid financial future. Justwealth is a solid option for investment and can help ensure the quality future you earned.

Learn More

Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.

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