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Questwealth is an online robo-advisor investment platform offered by Questrade. Questrade manages over $9 billion of assets and is a member of the Canadian Investor Protection Fund (CIPF), which means that accounts are protected up to $1 million in the unlikely event that the company goes bankrupt. Formerly known as Portfolio IQ, Questwealth Portfolios is best suited for clients looking for a passive investment management approach as they offer a variety of low-cost ETF portfolios. For those looking to actively manage their own investments, they would be best suited to use Questrade’s self-directed trading accounts.
Investors have choices when investing with Questwealth. There is the DIY self-directed investing option whereby you build your own investment portfolio with a self-directed account or have a portfolio built for you by experts.
With self-directed investing, you manage your investments yourself, which can save you a ton of money in fees. In this scenario, you can buy and sell stocks, bonds, precious metals, exchange-traded funds (ETFs), options, mutual funds, and GICs. There are no account opening or closing fees, commissions are super low, and ETFs can be bought commission-free.
With expert-backed Questwealth Portfolios, your investments will be managed by Questrade’s experts. Rather than choosing your own investments, you will be asked a few questions regarding your financial goals and risk tolerance to have your assets accurately chosen for you.
Your investment goals are matched with smart technology, and you’ll receive a portfolio of ETFs, which invest in the market much like mutual funds but with lower fees. Average mutual fund fees cost around 2.16%, whereas you can pay a total fee of just 0.38% (which includes management fees and the MER of the ETF).
While Questwealth is considered a robo-advisor, it does not rely entirely on algorithms or automation to keep tabs on and rebalance your portfolio. Instead, there are real humans behind the scenes who manage your portfolio for you.
Once you create an account and fund it with $1,000, you can begin trading. Questwealth can be used to trade and invest on the web or via the Questwealth app so you can buy, sell, and make changes on the fly.
Investment options. Investors can tap into any of the following investment options with Questwealth:
Account options. Investors can also invest in:
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Minimum investment | $1,000 |
Fees | 0.20% for accounts holding $100,000 +0.25% for accounts holding below $100,000 |
MER Fees | 0.17%-0.22% for standard ETFs 0.21%-0.35% for socially responsible investment ETFs |
Types of accounts | TFSA RRSP RESP LIRA LIF RIF Trusts Corporate Margin |
Socially responsible investing (SRI) | Yes |
Automatic re-balancing | Yes |
Reimbursement for transfers | Yes (up to $150 per account) |
Automatic deposits | Yes |
Professional portfolio management | Yes |
Fractional investing | No |
Accessibility | Browser-based, desktop-based, and mobile app |
If you opt for Questwealth Portfolios, you can expect to have a fully customized investment portfolio created for you based on your needs, goals, and investing style. Designed by experts, your investment portfolio will include assets that are perfectly diversified to match your financial goals and appetite for risk.
Based on the answers you provide, Questwealth’s algorithm will select a portfolio on your behalf from one of the following:
Based on client feedback, the weighting for the above portfolio options have typically done well to balance their needs and wants. Questwealth portfolios are meant for investors who wish to manage their investments using a passive approach – those who are looking to make frequent trades or take a more hands-on approach with their investments would be better suited to use a self-directed investment account.
Questwealth has a great track record in regard to the historic performance of its various portfolios. Four out of the five portfolio types have over ten years of positive performance. Public records displaying each portfolio’s performance can be found on the Questwealth website, providing full transparency for both clients and prospective clients.
When investing with Questwealth, you will be subject to one of two fee structures. A 0.25% management fee for accounts holding up to $100,000 and 0.20% for accounts that hold more than $100,000. This fee includes portfolio set up, account rebalancing, and dividend reinvestment.
The management expense ratio (MERs) of typical ETFs range from 0.17%-0.22% and 0.21%-0.35% for socially responsible investments. The minimum investment for an ETF portfolio with Questwealth is $1,000. Investors with taxable accounts (outside of TFSA and RRSP accounts) can take advantage of Questwealth’s free tax-loss harvesting feature to lower capital gains taxes.
When switching to Questwealth from another investment brokerage, transfer fees of up to $150 are waived.
Stocks start at $0.01 per share for self-directed investing, with a minimum of $4.95 and maximum of $9.95 per trade. More details are as follows:
Stocks | $0.01/share Minimum $4.95 to maximum $9.95 |
ETFs | Buy for free$0.01/share to sell Minimum $4.95 to maximum $9.95 |
Options | $9.95 + $1/contract |
Mutual Funds | $9.95/trade |
Bonds | Minimum $5,000 purchase |
GICs | Minimum $5,000 purchase |
International equities | 1% of trade value |
IPOs | Buy for free |
Precious metals | $19.95 USD/trade |
Active traders get special deals, as outlined below:
Fixed | Variable | |
Stocks | $4.95/trade | $0.01/share Minimum $0.01 to maximum $6.95 |
Options | $4.95 + $0.75/contract | $6.95 + $0.75/contract |
ETFs | Free to buy $4.95/trade to sell | Free to buy $0.01/share to sell Minimum $0.01 to maximum $6.95 |
The process to open a Questwealth account is done completely online, and is fairly quick and easy. From the website, you simply need to click on “Open Account”, select Questwealth Portfolios, review and accept the terms and conditions, and fill out your personal information. You will be required to provide your full name, home address, email address, social insurance number, phone number, and valid government identification.
The client platform is very sleek and user friendly, with everything laid out in a very intuitive manner. Customer service is also excellent, as the support team is very helpful in each part of the process for both new and existing clients.
It’s tough to argue against the use of a human advisor when it comes to investing your hard-earned money. After all, you want to make sure that whatever you invest in will not only maximize your chances of profiting but also minimize risk.
The great thing about Questwealth is that although this can be considered a robo-advisor, there are also real extracts working behind the scenes to help you optimize your investment portfolio. With Questrade, you get the best of both worlds: low fees and convenience of robo-advisors, and expert assistance from actual human advisors.
Both novice and experienced investors will find Questwealth a fantastic trading platform. Newbies can take advantage of a clean interface, low fees, and expert-managed portfolios to make investing easy, while seasoned investors who are interested in buying their own ETFs, stocks, bonds, or other assets can take a DIY approach while enjoying some of the lowest trading fees out there.
The portfolio options are also vast and are designed for all types of investors, from the more conservative to the more aggressive with an appetite for risk. Questwealth is an excellent option for investors considering taking the robo-advisor route.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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