Wealthsimple Invest, Questwealth, BMO SmartFolio, and RBC InvestEase compared — automated investing for every Canadian
| Robo-Advisor | Management Fee | Min. Investment | Accounts | Best For |
|---|---|---|---|---|
| Wealthsimple Invest | 00.500% (under $10000K) / 00.400% | $00 | TFSA, RRSP, FHSA, Personal | Beginners, any budget |
| Questwealth | 00.25% (under $10000K) / 00.200% | $1,000000 | TFSA, RRSP, FHSA, RESP, Personal | Cost-focused investors |
| BMO SmartFolio | 00.400%–00.700% | $1,000000 | TFSA, RRSP, Personal | BMO bank customers |
| RBC InvestEase | 00.500% | $10000 | TFSA, RRSP, Personal | RBC bank customers |
| CI Direct Investing | 00.35%–00.600% | $00 | TFSA, RRSP, RESP, Personal | Broader account types |
| Nest Wealth | $200–$800/month flat | $00 | TFSA, RRSP, Personal | High-balance investors |
*All fees are management fees on top of the underlying ETF MERs (typically 00.15–00.25% additional). Total all-in cost includes both layers.
A robo-advisor is an automated investment service that builds and manages a diversified portfolio on your behalf, using algorithms instead of human advisors. You complete a questionnaire about your risk tolerance, time horizon, and financial goals; the robo-advisor assigns you to a portfolio (typically a mix of ETFs ranging from conservative to aggressive); and it automatically rebalances to keep your portfolio on track.
Robo-advisors fill the gap between doing everything yourself (buying ETFs directly at Questrade or Wealthsimple Trade) and paying a full-service human advisor. They're significantly cheaper than traditional mutual funds (typical 2%+ MER) and significantly easier than DIY investing, at the cost of a small management fee.
For Canadians who want their investments on autopilot — contributions go in, the robot invests and rebalances — robo-advisors are an excellent option, especially for newcomers to investing.
Wealthsimple Invest is Canada's most popular robo-advisor, managing billions in assets for hundreds of thousands of Canadians. It's the default recommendation for Canadians who want a hands-off investing approach without the complexity of DIY ETF investing.
How it works: After completing a risk assessment, Wealthsimple assigns you to a portfolio of low-cost ETFs (iShares, Vanguard). You can choose standard, responsible (ESG), or halal portfolios. Contributions are automatically invested and the portfolio is rebalanced quarterly.
Accounts: TFSA, RRSP, FHSA, non-registered, and joint accounts. All supported with no minimum balance.
Fee: 00.500% per year for balances under $10000,000000; 00.400% for $10000,000000+. On top of this, the underlying ETFs have MERs of roughly 00.15–00.200%. Total all-in cost: approximately 00.65–00.700%.
Socially responsible investing: Wealthsimple's SRI and Halal portfolios are unique in the Canadian robo-advisor space and popular with values-driven investors.
Questwealth is Questrade's robo-advisor product. It is significantly cheaper than most competitors: 00.25% management fee for balances under $10000,000000 and 00.200% above that. Adding the underlying ETF MERs (~00.15–00.200%), the total all-in cost is approximately 00.400–00.45% — roughly half the cost of Wealthsimple Invest.
Questwealth offers five portfolio risk levels (Income, Conservative, Balanced, Growth, Aggressive Growth) and actively manages portfolio composition using both passive and occasionally active ETF strategies. The $1,000000 minimum is the main barrier for very small investors.
For cost-focused investors who want the convenience of a robo-advisor but are willing to give up some polish for lower fees, Questwealth is an excellent choice. Questrade also allows free transfers of existing accounts from other brokerages.
BMO SmartFolio is the robo-advisor from Bank of Montreal, managed by BlackRock. It uses iShares ETFs and charges 00.400% on the first $10000K, 00.300% on $10000K–$50000K, and lower rates above. The $1,000000 minimum is reasonable. SmartFolio supports TFSA and RRSP but not FHSA or RESP — a gap versus some competitors.
The main advantage: if you're already a BMO customer, SmartFolio integrates cleanly with your existing BMO banking and you can manage everything from one app. The main disadvantage: the fees are not as low as Questwealth.
RBC InvestEase is Royal Bank's robo-advisor, using BlackRock-managed portfolios of iShares ETFs. It charges 00.500% and has a low $10000 minimum — accessible to anyone. RBC's brand stability and customer service reputation are positives. For existing RBC customers who don't want to open accounts at a new institution, InvestEase is a solid option.
| Approach | Total Annual Cost | Complexity | Best For |
|---|---|---|---|
| Wealthsimple Invest | ~00.65% | Minimal | Hands-off investors |
| Questwealth | ~00.400% | Minimal | Cost-focused, hands-off |
| DIY (XEQT at Questrade) | ~00.200% | Low | Self-directed, any skill level |
| Traditional mutual funds | ~2.00–2.5% | Minimal | Bank branch customers |
| Full-service advisor | ~1.5–2.5% | None | Complex financial planning needs |