Unsure of how to start your financial journey? Prospr by Sun Life lets you connect with advisors (for free!) that will assess your situation and help you build a financial road map – which can include investments, life insurance, mortgage protection solutions, health insurance, and much more.
Since it’s a division of Sun Life, they also have managed investment portfolios that you can invest in. They currently have Sun Life Granite portfolios, insurance/trust GICs, and ETF portfolios with MERs starting as low as 1.11%. You can open RRSP, TFSA, RESP, and non-registered investment accounts.
With Prospr, you may be able to bundle a package of investments and insurance to make managing your finances less confusing.
Prospr features
Prospr offers a unique mix of advice to help you find insurance packages and manage your finances.
Why You Want It
Meet with advisors, free of charge, to help plan your financial future.
Special Features
- Free meetings with advisors
- Portfolios for every risk level
Provinces
ALL
Features
Types Of Accounts
See Issuer for Details
Types Of Investments
See Issuer for Details
Minimum Investment
N/A
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
See Issuer for Details
Maximum Stock Fee
See Issuer for Details
Minimum ETF Fee
See Issuer for Details
Maximum ETF Fee
See Issuer for Details
Active Trader Stock Fee Per Trade
See Issuer for Details
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
See Issuer for Details
Maximum Covered Transfer Fee
See Issuer for Details
Withdrawal Fees?
Account Maintence Fees
See Issuer for Details
Inactivity Fee Amount
See Issuer for Details
Promotion Description
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Promotion Max Value
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Promotion Requirements For Max Value
See Issuer for Details
Promotion End Dates
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Prospr product rating: 4.1 stars
Prospr offers a diverse set of investment portfolios, with low to high risk levels depending on your financial roadmap. They also offer free on-demand advice from their advisors, to help you make the right decisions for your financial situation, which can help you find things like critical illness and disability insurance.
Rating methodology
To evaluate online brokers, we analyze over 25 data points to generate a trustworthy Genius Rating. We consider all aspects of an online broker, including investment options, fees, perks, access to support, customer satisfaction, and promotions, to assess its overall value. Then, the online broker’s features are rated based on how they stack up against other available options.
Learn more about our rating methodology.
The pros of Prospr
There’s a lot to like about Prospr
Pros
Portfolios for every risk level
Each managed portfolio Sun Life offers through
Free meetings with advisors
Meeting with Prospr advisors to discuss your financial situation is completely free. The advisors are salaried, so they aren’t reliant on making commissions of your decisions. These advisors can help you with investments, life insurance, disability and critical illness insurance, and even mortgage protection solutions.
Multilingual Support
Prospr has advisors that speak English, French, Mandarin, Cantonese, Arabic, Hindi, Farsi, Punjabi, and Urdu.
The cons of Prospr
There's one thing to keep in mind with the Prospr.
Cons
Relatively small choice of investment accounts and portfolios
Currently, Prospr offers around ten managed portfolio options, and they only offer TFSA, non-registered, RRSP, and RESP accounts. While these accounts and portfolios cover most of the investing you’re likely to need, it’s always nice to have more options. If you want an FHSA, you’ll have to look elsewhere.
Prospr alternatives
Here’s how Prospr stacks up against online brokers – though it’s important to remember it can also help you find various types of insurance.
 |  |  |  | |
|---|---|---|---|---|
| Account | Prospr | Wealthsimple Self-Directed Investing | Qtrade | CIBC Investor's Edge |
| Genius Rating | ||||
| Why You Want It | Meet with advisors, free of charge, to help plan your financial future. | No commission, maintenance or withdrawal fees + Easy to use. Legal Disclaimer |  $80 GeniusCash + Up to $5,000 in cashback + $0 trade commissions for all clients
| Lowest commission rate from a Big 5 Bank online broker + Free trading under 25. |
| Types Of Accounts | See Issuer for Details |
|
|
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| Types Of Investments | See Issuer for Details |
|
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| Minimum Investment | N/A | $1 | $0 | $0 |
| Email Support | | |  | |
| Live Chat Support | | | | |
Show More | ||||
| Open an account See more Sun Life products Compare | Open an account See more Wealthsimple products Compare | I Want This Deal See more Qtrade products Compare | Open an account See more CIBC products Compare |
FAQ
Is Prospr legit?
Yes, Prospr is legit. The service is backed by Sun Life, one of Canada’s largest insurers.
Do Prospr advisors cost money?
No, Prospr advisors are completely free to meet and discuss finances with. They may suggest investments or insurance that will cost money, but the advice is completely free.
Is Prospr a good choice for a beginner investor?
The free access to professional advisors Prospr offers is extremely helpful for a beginner investor to get a baseline level of knowledge. As always, you should explore lots of investment options to see what works for you, but free advice won’t hurt.
Is there a minimum investment for Prospr by Sun Life Portfolios?
Yes, there is a minimum investment of $500 for Prospr by Sun Life portfolios.
What types of insurance can Prospr advise me on?
Prospr can help you explore your options for health insurance, term and whole life insurance, critical illness insurance, disability insurance, mortgage protection solutions, among others. They can also help you start your investment journey, and potentially package several products together.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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