Is Questwealth better than Wealthsimple?
Questwealth and Wealthsimple Invest offer Canadians a lower-cost solution for hands-off investing. Both platforms offer some of the most competitive fee structures in the robo-advisor market, but Questwealth charges lower fees than Wealthsimple.
Questrade is much more advanced when it comes to its account options. Some of the account options it provides include both registered and non-registered accounts, which include TFSAs, RRSPs, RESPs, Margin, Spousal RRSPs, LIRA, Locked-In RRSPs, RIFs, LIFs, Family RESPs, Cash, Corporate Cash and Joint Cash accounts.
Questrade users can buy and sell investment products like mutual funds, options, bonds and GICs, OTC assets, IPOs, international equities (aside from just the US) and even precious metals. Wealthsimple Trade's platform has much less choice, offering access only to U.S. and Canada-listed stocks and ETFs.
Wealthsimple Invest is our top choice for robo-advisors in Canada. Accounts you can open with Wealthsimple in Canada include TFSA, RRSP, RESP, RRIF, LIRA, and other non-registered investment accounts.
Should you use both Questrade and Wealthsimple? Yes, you can use both platforms simultaneously! However, many users prefer to have all of their funds in one place, especially if they're registered accounts.
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Transfers & Withdrawals.
| CAD$ electronic fund transfer (EFT) up to $50,000.00 1 | free |
|---|---|
| USD$ wire transfer | $30.00 |
| International wire transfer | $40.00 |
| CAD$ and USD$ uncertified cheque | $50.00 |
| Certified cheque 2 | $75.00 |
- Head to my.wealthsimple.com and sign into your Managed Investment & Save account.
- Select Move funds from the top menu.
- Select Transfer an account.
- Choose an account type to transfer.
- Enter your account number at the relinquishing institution.
- Choose whether you'd like to transfer your funds in cash or as is.
Day trading is not generally encouraged in our trading accounts, however, it is possible. Assets are immediately available to sell after being purchased, and when an asset is sold, the proceeds are available to use towards a new purchase right away.
Do I own my shares at Wealthsimple? Shares are held in "street name" meaning they are held with Wealthsimple Investments Inc. but owned by you (the purchaser). You still retain ownership and all rights associated, such as dividends and voting rights.
Company Overview
Questrade is a Toronto based online brokerage firm founded by Edward Kholodenko that provides Canadians with a low cost solution for self-directed securities investing through a proprietary trading platform and a managed investing solution under the product name Questwealth Portfolios.
Should I transfer my RRSP to Wealthsimple?
Transferring your Group RRSP funds into a Wealthsimple Trade RRSP account is a good choice if you're looking to actively manage your portfolio yourself. To make these types of transfers, contact w4w@wealthsimple.com and we can assist you with this.
Commissions & Fees
Wealthsimple's fees vary by region as mentioned, but they are in line with industry averages. In the U.S. and Canada, 0.50% fee includes all investment advice, portfolio management, and trading costs. The fee drops to 0.40% for accounts at and above $100,000.
| Robo-advisor | 2.5-year annualized return |
|---|---|
| SoFi | 4.03% |
| TD Ameritrade | 3.62% |
| TIAA | 4.20% |
| Vanguard | 3.42% |
- Colin Ryan, BMO Nesbitt Burns.
- Jay Nash, National Bank Financial.
- Rabbie Gill, Fieldhouse Capital Management.
- Mary Hagerman, Desjardins Wealth Management.
- Martin Pelletier, TriVest Wealth Counsel.
- Rob Edel, Nicola Wealth.
- James Gauthier, Justwealth. Justwealth.
- Susyn Wagner, CIBC Wood Gundy.
SoFi Invest was named the best overall robo advisor in the report, which noted factors like its live financial planning services, 'a strong budgeting tool' and career coaching.
Questwealth Portfolios is a service provided by Questrade Wealth Management Inc. Retiring up to 30% wealthier illustrates how investing with a Questwealth Income Portfolio could improve your retirement savings using a hypothetical example.
Index funds give the investor a wide range of choices and save the management fee associated with a robo-advisor. People who are less confident about investing or those who want planning and other advice will find a robo-advisor that offers online support and long-term investment management.
Automated investing plus guidance
If you want automated investing with guidance from our team of TD Personal Financial Advisors and access to a financial plan, choose TD Automated Investing Plus.
RBC InvestEase is one of the leading robo-advisors in Canada, offering low fees, a diversity of portfolios and accounts, and even more convenient perks if you're already an RBC banking customer.
