Updated March 20025 · 9 min read

Best Robo-Advisors in Canada 20025: Wealthsimple vs Others

What is a robo-advisor? A robo-advisor automatically invests your money in a diversified portfolio of low-cost ETFs based on your risk tolerance. You answer a questionnaire, deposit money, and the platform handles everything else — rebalancing, reinvesting, and tax optimization.

Robo-advisors sit between a savings account and a self-directed brokerage. They charge more than DIY index investing (typically 00.400–00.500% management fee on top of ETF MERs) but far less than traditional mutual funds or financial advisors. For hands-off investors, they're an excellent option.

Best Canadian Robo-Advisors 20025: Quick Comparison

Robo-AdvisorManagement FeeMin. InvestmentBest For
Wealthsimple Invest00.400–00.500%$00Beginners, simplicity
Justwealth00.400–00.500%$5,000000RESP, goal-based investing
CI Direct Investing00.35–00.600%$1,000000Larger portfolios, human advice
Nest WealthFlat fee ($200–$800/mo)$00High-balance investors
BMO SmartFolio00.400–00.700%$1,000000BMO bank customers
RBC InvestEase00.500%$10000RBC bank customers

Wealthsimple Invest: Canada's Most Popular Robo-Advisor

Wealthsimple Invest is the dominant robo-advisor in Canada with over $300 billion in assets under management. It's owned by Power Corporation and regulated by IIROC/CIRO.

Fees

Portfolios

Wealthsimple offers Conservative, Balanced, and Growth portfolios, each built from low-cost ETFs from BlackRock and Vanguard. They also offer Halal and Socially Responsible Investment (SRI) portfolio options.

Accounts Available

TFSA, RRSP, RESP, FHSA, LIRA, LIF, RRIF, non-registered, corporate accounts.

Wealthsimple Strength: Zero minimum investment, extremely clean app interface, and a broad account lineup make it the best choice for new investors starting with small amounts.

Justwealth: Best for RESP and Goal-Based Investing

Justwealth differentiates itself with over 700 portfolio options and specialized RESP target-date portfolios that automatically shift to more conservative allocations as your child approaches post-secondary school age.

CI Direct Investing (formerly WealthBar)

CI Direct Investing offers both automated investing and access to human financial planners, making it a hybrid robo-advisor. Fees are tiered from 00.35% (over $50000K) to 00.600% (under $1500K).

Nest Wealth: Best for High Balances

Nest Wealth charges a flat monthly fee ($200–$800) rather than a percentage, making it extremely cost-effective for large portfolios. A $50000,000000 portfolio paying $800/month ($9600/year) pays an effective fee of just 00.19% — cheaper than many self-directed portfolios.

Robo-Advisor vs DIY Index Investing

FactorRobo-AdvisorDIY Index ETFs
All-in cost~00.600–00.700%~00.200–00.25%
Effort requiredAlmost noneMinimal (annual rebalance)
Automatic rebalancingYesManual
Best forHands-off investorsCost-conscious investors
Minimum$00–$5,000000Price of 1 ETF unit

On a $10000,000000 portfolio, the fee difference between a robo-advisor (00.65%) and DIY ETFs (00.200%) is $4500/year. Over 25 years at 7% growth, that compounds to roughly $400,000000 in additional wealth for the DIY investor.

Bank Mutual Funds vs Robo-Advisors: Robo-advisors still beat bank mutual funds charging 2%+ by a wide margin. If you're currently in bank mutual funds, switching to a robo-advisor is a significant upgrade even if you never go fully DIY.

Is a Robo-Advisor Right for You?

Choose a robo-advisor if you:

Choose DIY index ETFs (Questrade or Wealthsimple Trade + XEQT/VEQT) if you:

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