Justwealth is a personal portfolio management company that takes an individual approach to investing your money. With a minimum investment of $5,000 (except for RESP and FHSA), any Canadian citizen can start an account with Justwealth and begin investing.
There are other competitors out there, such as Questwealth and Wealthsimple managed investing, that offer similar services. However, what makes Justwealth stand out is its one-on-one service. They even assign a dedicated personal portfolio manager to your account.
Justwealth features
Justwealth offers many features similar to those found in other robo advisors, along with a few added bonuses. The idea behind Justwealth is to have solid advice when investing your money.
Why You Want It
Low MER and account fees + Work with a personal portfolio manager.
Special Features
- Personal portfolio management
- Canadian owned
- Covers transfer fees
Eligibility
- Canadian resident
- Age of majority
Provinces
AB, BC, MB, NB, NL, NS, ON, PE, QC, SK, YT
Features
Types Of Accounts
- RRSP
- Spousal RRSP
- RRIF
- TFSA
- RESP
- LIRA
- LIF
- Non-registered plan
- FHSA
- RDSP
- Individual
- Joint
Minimum Investment
$5,000
Minimum Balance For Minimum Fee
$500,000
Minimum Deposit To Cover Transfer Fee
$25,000
Socially Responsible Investing Options
Email Support
Live Chat Support
See Issuer for Details
Phone Support
Average MER
0.02%
Minimum Fees
0.4%
Maximum Fees
0.5%
Cover Transfer Fees?
Maximum Covered Transfer Fee
$150
Promotion
N/A
Promotion End Date
N/A
Justwealth product rating: 3.9 stars
Justwealth’s investment strategy revolves around creating portfolios of low-cost ETFs to pay the smallest management fees. They also offer a low annual management fee of 0.5% on the first $500,000 of your account, and after that, the rate drops to 0.4%.
Some of Justwealth's shortcomings include its fee structure, which favours larger accounts. Yet the savvy investor with a bit of study and understanding can likely save the account management fees and stay the course on their own. For newbies to investing, though, Justwealth will set you on the right path to investing.
Rating methodology
To evaluate robo advisors, we analyze over 20 data points to generate a trustworthy Genius Rating. We consider all aspects of a robo advisor, such as fees, investment options, minimum investment amount, to assess its overall value. Then, each feature is rated based on how they stack up against other available options. We run all the final numbers through our algorithm to get a final score out of 5.
Learn more about our rating methodology.
Pros of Justwealth
This product offers a lot to its users and shares some positives with similar services. These are some of its standout features:
Pros
Personal account manager
Personalized service is always a plus. Justwealth assigns someone to answer questions and help look after your portfolio. This person is available over email or phone and is accountable to you. In a world of automation, it’s nice to speak with a human who can answer questions about your account.
ETF investing
There's a lot written about whether ETFs are worth investing in, especially compared to individual stocks or bonds. Still, they're a great investment vehicle for new investors or anyone with less than $100,000 to invest, particularly since choosing the right ETF (which Justwealth will help you do) exposes you to a wide variety of stocks and bonds. That exposure, if appropriately balanced, can withstand volatile markets.
Low MER and account fees
Because the portfolios you choose are made up of ETFs, you're likely to pay very low Management Expense Ratios (MERs). In fact, on average, your MER will only be 0.2%. Then your account fees are only as high as 0.5%, with a minimum monthly cost of $4.99 (for non-RESP & FHSA accounts). The less fees you pay, the more cash stays in your account.
Cons of Justwealth
Here are a few things to look out for with Justwealth, which may or may not fit your investment style:
Cons
Minimum monthly fee
Justwealth has a minimum monthly fee they'll charge of $4.99 (except for RESP and FHSA accounts, which are $2.50). This applies to accounts of up to $12,000, effectively increasing the annual account fee to a maximum of 1.2%.
High $5,000 minimum investment
Users are required to invest a relatively high minimum of $5,000. This means that if you want to start investing but don't have that much cash, you won't be able to start. The only exceptions are RESP and FHSA accounts, which have no minimum investment.
Justwealth alternatives
There are alternatives available, and here's a look at how Justwealth compares to a few of them:
 |  |  |  | |
|---|---|---|---|---|
| Account | Justwealth | Questwealth | Wealthsimple managed investing | RBC InvestEase |
| Genius Rating | ||||
| Why You Want It | Low MER and account fees + Work with a personal portfolio manager. | Get fees as low as 0.2% + $0 transfer-in fees with no minimum. | Get Apple Products with transfers in + Set-it-and-forget-it simplicity. | Get a professional investment portfolio + Low $100 minimum investment. |
| Types Of Accounts |
|
|
|
|
| Minimum Investment | $5,000 | $250 | $0 | $100 |
| Minimum Balance For Minimum Fee | $500,000 | $100,000 | $10,000,000 | N/A |
| Minimum Deposit To Cover Transfer Fee | $25,000 | $0 | $25,000 | $15,000 |
| Socially Responsible Investing Options | | | | |
Show More | ||||
| Open an account See more Justwealth products Compare | Open an account See more Questrade products Compare | Open an account See more Wealthsimple products Compare | Learn More See more RBC products Compare |
FAQ
How do I set up a Justwealth account?
Simply visit the Justwealth site or download the app, click on the "Get Started" button, and answer questions about what type of account you're looking to open, employment, and financial information. This task takes approximately 15 minutes to complete.
What do I need to open an account?
To get started and open a Justwealth account, you must be a Canadian citizen, over 18 years of age, and have a minimum of $5,000 to invest. RESP and FHSA accounts are not subject to a minimum.
How many different types of portfolios do they offer?
Justwealth advertises that it offers over 80 different portfolios, which means the portfolios are more likely to be tailor-made to your needs. You'll also be assigned a personal portfolio manager so they can better understand your situation.
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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