Justwealth Review

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Justwealth Review

Written by Corrina Murdoch
Fact-checked by Caitlin Wood

Updated March 25, 2021

Justwealth Review

Categories

Investing Review Robo-advisor

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 optimizes investment management. After cultivating a team of experts in the financial sector, Justwealth now helps a wide variety of Canadians make wise investment decisions. Simple to use and entirely virtual, Justwealth is 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 where the real action lies. 

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. 

Important Features to Consider When Choosing To Work With Justwealth

When it comes to choosing to work with Justwealth, these are the most important features you need to consider. 

  • Types of 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. 
  • 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.
  • 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. 
  • 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. 
  • Mer 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.  
  • Fees: Generally MER fees are higher than management fees, though it adds ease to the process and, instead of using multi-tiered fee calculations, you can avoid surprises. 
  • 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. 
  • Investment growth: With a history of success and advanced tracking methods, Justwealth enables you to grow your accounts with limited oversight on your part. 
  • 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. 
  • Is your wealth insured/protected? Justwealth protects your funds by using secure communications and proven methods. Typically, a certain amount of agreed-upon risk lies with the investor. 
  • Number of portfolio options: You can choose the risk level with which you are comfortable. These include the standard approaches of low, medium, and high risk. 

Information for Brokers

  • Account fees: Justwealth adjust the account fees using an MER method. The company’s fees vary based on investment amount and profit. 
  • ECN fees: Accounts are subject to fees based on the investment. ETF fees are at 0.25%. You are able to explore electronic communications networks programs through this system. 
  • Stock Trades fees: There are no specific stock trade fees since these are included in the annual fee amount. 
  • Option Trades: This typically high-risk investment strategy trades against future values and would be a separate endeavour. 
  • Commission-Free ETFs: Since there are costs associated with gains, there is technically a commission in place. 
  • Transfer fees: The fee here is incorporated into the annual amount. 

Justwealth Review

For those seeking convenience, this company offers virtual portfolio management tools to enable you to achieve your financial goals. The company ultimately focuses in on ten different algorithms that govern how your investments proceed. 

How much will it cost? 

You pay a management fee that is a minimum of $4.99 monthly. Additional amounts are charged based on your financial gains. Fees differ for RESPs and are a minimum of $2.99 per month. 

How personalized are the investment portfolios? 

  • Risk: You can establish the risk level (low, medium, or high) which you choose for your investments. 
  • Social responsibility investing: This company exclusively deals with socially-responsible companies. 
  • Number of portfolio options: There are multiple account options that you can use with this business. Bear in mind that they focus on ETFs. 
  • Types of accounts available: You are able to open as many accounts as you choose, with each being subject to different tax-loss harvesting investment processes. You can opt for either registered or non-registered accounts.  

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

What perks does Justwealth have?

The benefits that Justwealth provide lie primarily with convenience. The well-developed system and added safeguards let you save time. Tax-loss harvesting and automatic reinvestment protect your interests as well. 

  • Customer service options: Though the system is largely automated, you can email or call a representative. 
  • 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. 
  • Low fee: A popular aspect of Justwealth is the low fees. By moving practices online and using well-honed algorithms, human error is largely mitigated. 

Who would benefit most from working with 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.

Overview of Justwealth

FeesAnnual Management:Costs:  0.5% of first $500,000; 0.4% on amounts over $500,000
Management Expense RatioRatio of 0.20$ on standard ETFs
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%

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. 

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. 

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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