Wealthsimple Invest, Questwealth, RBC InvestEase, and Nest Wealth — compared honestly on fees, minimums, and who each one actually suits.
Automated ETF portfolios. RRSP & TFSA eligible. Canadian-regulated platforms. No bank upsell.
A robo advisor is an automated investment service that builds and manages a diversified ETF portfolio for you based on a short risk questionnaire. You answer a few questions about your goals and timeline, they recommend a portfolio allocation, and from then on everything — buying, rebalancing when markets move, and sometimes tax-loss harvesting — is handled automatically.
The appeal is real: you get a properly diversified portfolio without needing to understand what an asset allocation is or remember to rebalance when markets run hot. The cost is higher than doing it yourself — typically 0.4–0.7% per year — but dramatically lower than a traditional bank mutual fund at 1.5–2.5%. Whether that fee delta is worth it depends almost entirely on whether you'd actually follow through on a DIY approach.
All four major Canadian robo advisors use ETF-based portfolios. The differences are in fee structure, minimum balances, available account types, and the overall quality of the experience.
| Platform | Management Fee | Min Balance | Account Types | Best For |
|---|---|---|---|---|
| Wealthsimple Invest | 0.50% (under $100K) 0.40% (over $100K) |
$0 | TFSA, RRSP, RESP, Non-reg | Beginners, small balances |
| Questwealth Portfolios | 0.25% (under $100K) 0.20% (over $100K) |
$1,000 | TFSA, RRSP, RESP, Non-reg | Fee-conscious investors |
| RBC InvestEase | 0.50% | $100 | TFSA, RRSP, Non-reg | Existing RBC banking clients |
| Nest Wealth | Flat fee: $20–$150/mo | $0 | TFSA, RRSP, RRIF, Non-reg | Large portfolios ($500K+) |
Note: All platforms also pass through underlying ETF MERs of roughly 0.15–0.25%. The total cost of ownership is management fee + ETF MERs. RBC InvestEase uses iShares ETFs; Wealthsimple uses Vanguard and other providers.
Numbers don't tell the whole story. Here's where each one genuinely stands out — and where it falls short.
The dominant Canadian robo advisor by assets, and for good reason. The onboarding is genuinely excellent — probably the smoothest account opening experience in Canadian fintech. Portfolios range from conservative to aggressive and include socially responsible options. Halal portfolio also available.
The fee at 0.5% for smaller balances is mid-range — you're paying for the experience. If you go past $100K in assets, the fee drops to 0.4%. Add ETF MERs and you're looking at total all-in costs of roughly 0.65–0.75%.
The clear winner on price — 0.25% below $100K is hard to beat for a managed portfolio. Questwealth is run by Questrade and offers five portfolio options from income to aggressive growth. Tax-loss harvesting is included. The app and experience are more utilitarian than Wealthsimple, but it gets the job done.
Total all-in around 0.40–0.50% when ETF MERs are included. That's approaching DIY territory, which is the reason Questwealth is the fee-conscious investor's pick.
RBC's entry into automated investing. Solid portfolios using iShares ETFs with responsible investing options available. The main advantage is seamless integration with RBC banking — transfers are instant if you bank there, and existing clients don't need a new login or identity verification.
The fee matches Wealthsimple at 0.5% but without the fee break at higher balances. No RESP account option is a notable gap for families. If you don't bank with RBC, there's little reason to choose InvestEase over the others.
Nest Wealth doesn't charge a percentage. It charges a flat monthly subscription: roughly $20/month up to ~$75K, $40/month up to $150K, $150/month for larger accounts. At $500K, where percentage-based platforms charge $2,000–2,500/year, Nest Wealth caps at $1,800.
The catch: at small balances the math reverses fast. $20/month on a $10,000 account is 2.4% annually — worse than a bank mutual fund. Nest Wealth is the wrong choice under $50K and an increasingly compelling one over $300K. RRIF accounts are supported, which most competitors lack.
A single all-in-one ETF like XEQT (0.20% MER) bought through Wealthsimple Trade or Questrade with zero commission costs essentially nothing beyond the 0.20% MER. A robo advisor charges 0.40–0.65% on top of that. Over 30 years on a $200,000 portfolio, that additional 0.5% per year compounds into real money — potentially $60,000–$100,000 in difference.
When the robo advisor is worth it: You know yourself well enough to know you'd sell during a market crash if you managed it yourself. Behavioural drag — panic selling in downturns, chasing hot sectors — costs the average self-directed investor far more than 0.5% per year. A managed portfolio with automatic rebalancing removes many of those temptations. Also worth it if you genuinely don't want to learn anything about investing — the questionnaire-to-portfolio pipeline is frictionless.
When DIY ETFs win: You can commit to buying and holding through volatility without flinching. You've read enough to understand what you own. You're comfortable logging in twice a year to rebalance. If that sounds like you, one-ETF portfolios like XEQT or VEQT are all you need. The fee savings over decades are substantial.
If you're new to investing or have ever panic-sold during a market dip, start with a robo advisor (Questwealth for fee-consciousness, Wealthsimple for experience). Once you understand what you own and why, you can decide whether to migrate to DIY or stay put. The cost of the robo advisor as a learning environment is far lower than the cost of making a large emotional mistake.
Our step-by-step guide covers how to open an account, buy an ETF, and choose between XEQT, VEQT, and XBAL in under 20 minutes.
How to Buy ETFs in Canada Compare ETFs →Nothing on this site is financial advice. Fee structures change — verify current rates directly with each platform before opening an account. Some links on this site are affiliate links; we may earn a commission at no extra cost to you.