Wealthsimple Invest, Questrade Portfolios, CI Direct, and more — compared on fees, minimums, features, and who each one is actually right for.
A robo-advisor invests your money in a diversified portfolio of ETFs, automatically rebalances when markets move, and reinvests dividends — all for a fee lower than traditional mutual funds. You answer a questionnaire, they build a portfolio matching your risk tolerance, you contribute money.
Robo-advisors sit between "do it yourself" ETF investing (cheapest, most control) and traditional bank mutual funds (most expensive, least control). For Canadians who find DIY investing intimidating but know enough to avoid 2%+ mutual fund fees, a robo-advisor is a sensible middle ground.
The typical all-in cost is 0.40–0.65% per year (management fee plus underlying ETF MERs). Compare that to 2.0–2.5% for bank mutual funds or 0.20% for buying XEQT yourself. The robo-advisor premium over DIY is the cost of automation and peace of mind — for many people, that's worth it.
Bottom line: If you know you'll actually stay invested and rebalance when markets drop, buy ETFs yourself through Questrade or Wealthsimple Trade. If you know you won't — or you're just starting out — a robo-advisor is worth the extra 0.2–0.4% per year. The difference between investing at 0.5% and not investing at all is much larger than the difference between 0.5% and 0.2%.
Canada's largest robo-advisor by AUM, and the best choice for most new investors. Wealthsimple Invest builds portfolios from ETFs and manages them automatically. The app is genuinely excellent — clean, intuitive, and doesn't require any financial knowledge to use.
They offer three portfolios: Conservative (40% equity), Balanced (60% equity), and Growth (80% equity). There's also a Socially Responsible Investing (SRI) option and a Halal portfolio. RRSP, TFSA, and RESP accounts all supported.
The 0.40% management fee applies to all balances — there's no discount tier, but accounts over $100,000 get access to a human financial advisor at the same rate. A separate $10/month Premium tier (for the trading app) is distinct from the robo-advisor fee.
Questrade's robo-advisor offering is the cheapest in Canada on total all-in fees. For investors who want hands-off management at the lowest possible cost, it beats Wealthsimple by about 0.15–0.20% per year — meaningful on larger balances.
The portfolios use low-cost ETFs (similar to what Wealthsimple uses), automatic rebalancing, and dividend reinvestment. RRSP, TFSA, RESP, and non-registered accounts all supported. Tax-loss harvesting is also available.
The trade-off: the Questrade platform and app are more complex and less polished than Wealthsimple. First-time investors may find it less approachable. But for investors who already have a Questrade account and want a self-managing portfolio component, Questrade Portfolios is a natural fit.
CI Direct Investing distinguishes itself with access to human financial planners at all account sizes — not just high-net-worth clients. If you want a CFP-certified planner available to review your overall financial plan (not just your portfolio), CI Direct is uniquely positioned in the robo space.
The portfolios use a mix of ETFs and CI's proprietary funds. Fees are higher than Questrade Portfolios but include the human advisor element. The platform is solid but not as intuitive as Wealthsimple.
RBC's robo-advisor uses iShares ETFs and is straightforward. The main draw: if you're an RBC client, your accounts are consolidated in one place. The fees are higher than independent options and there's no meaningful feature advantage. For most Canadians, there's no reason to choose RBC InvestEase over Wealthsimple or Questrade Portfolios — but if convenience within the RBC ecosystem matters to you, it's a legitimate option.
BMO SmartFolio is available to existing BMO clients and uses BMO's own ETFs. The fees are on the higher end for a robo-advisor, and the underlying ETFs have marginally higher MERs than Vanguard or iShares products. Like RBC InvestEase, the main use case is existing bank clients who don't want to move money elsewhere.
| Robo-Advisor | Management Fee | Total All-In Cost | Minimum | TFSA / RRSP / RESP | Best For |
|---|---|---|---|---|---|
| Wealthsimple Invest | 0.40% | ~0.60% | $0 | ✓ All three | Beginners, app-first investors |
| Questrade Portfolios | 0.20–0.25% | ~0.40–0.45% | $1,000 | ✓ All three | Cost-focused investors |
| CI Direct Investing | 0.35–0.60% | ~0.55–0.80% | $1,000 | ✓ All three | Want human advisor access |
| RBC InvestEase | 0.50% | ~0.70% | $100 | ✓ TFSA + RRSP | Existing RBC clients |
| BMO SmartFolio | 0.40–0.70% | ~0.65–0.90% | $1,000 | ✓ TFSA + RRSP | Existing BMO clients |
| DIY ETF (XEQT) | No fee | 0.20% | ~$30 (1 share) | ✓ All | Hands-on, lowest-cost investors |
The cost of convenience: Over 30 years, the 0.4% difference between a robo-advisor at 0.6% and DIY at 0.2% on a $100,000 portfolio compounds to roughly $60,000–$80,000. That's real money. But if the robo-advisor keeps you invested through a 2020-style crash and DIY wouldn't, the automation is worth it. Honest answer: the best investment is the one you'll actually stick with.
Use a robo-advisor if:
Buy ETFs yourself (Questrade/Wealthsimple Trade) if:
The honest truth: both strategies beat the average Canadian mutual fund investor who pays 2%+ and still makes emotional decisions. Either path puts you ahead.
→ See our beginner's guide to investing in Canada
→ Compare the best Canadian ETFs for DIY investors
Wealthsimple Invest lets you start with $0 and builds a diversified portfolio automatically. Takes 10 minutes to set up.
Read Wealthsimple Review Compare PlatformsNothing on this site is financial advice. Robo-advisor fees, features, and minimums change — verify current details directly with each provider before investing. Some links on this site are affiliate links; we may earn a commission if you open an account, at no extra cost to you.