ModernAdvisor is a low-cost portfolio management service meant to compete with services offered at banks. The idea behind ModernAdvisor is to have an investment team of people and robo advisors working with you as you invest, and assessing your tolerance for risk before investing your money.
The investment vehicles they typically use are ETFs (Exchange Traded Funds) instead of the traditional mutual funds some banks sell (which have high management fees attached). With ETFs, the idea is you pay as little fees as possible. ModernAdvisor invests its clients' money through Aviso Financial Inc. or CI Investment Services Inc., where your money is ultimately held.
ModernAdvisor features
ModernAdvisor is one of many investment services competing for Canadian customers. Each of these services offers a unique take on investing and tailoring investments for their clients. Below is a listing of accounts and services ModernAdvisor offers.
Why You Want It
Low cost investment portfolio service + Simple platform.
Special Features
- Flexible investment options
- Competitive fees
- Passive and actively managed portfolios both available
Provinces
ALL
Features
Types Of Accounts
- RRSP
- TFSA
- RESP
- Family RESP
- Joint
- Individual
- RRIF
- LIRA
- Spousal RRSP
Minimum Investment
$1,000
Minimum Balance For Minimum Fee
$0
Minimum Deposit To Cover Transfer Fee
N/A
Socially Responsible Investing Options
Email Support
Live Chat Support
Phone Support
Average MER
0.2%
Minimum Fees
0.2%
Maximum Fees
0.5%
Cover Transfer Fees?
See Issuer for Details
Maximum Covered Transfer Fee
N/A
Promotion
$0
Promotion End Date
N/A
ModernAdvisor product rating: 2.9 stars
Overall, what makes ModernAdvisor stand out is their ability to offer affordable accounts without a minimum to open them (though you need to deposit at least $1,000 before you can start investing). They keep fees low so you can keep more in your pocket.
ModernAdvisor gained major points for having socially responsible investment options and live chat support availability. It lost a bit of ground for needing a minimum $1,000 investment, only offering ETFs, and not having a special promo.
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, including fees, investment options, minimum investment amount, access to support, perks, customer satisfaction, and promotions, to assess its overall value. Then, the robo advisor’s features are rated based on how they stack up against other available options.
Learn more about our rating methodology.
The pros of ModernAdvisor
ModernAdvisor offers up a healthy dose of services that, in my opinion, help them stand out amongst the crowd.
Pros
Tailor-made portfolios
I took their questionnaire for risk tolerance on their website and have to say it was spot-on when it comes to how much risk I like to have with my investment accounts.
Socially responsible investment options
Though this is becoming more and more common, a lot of investment tools don’t offer an option to make sure your money is going to companies that you support on a moral level. ModernAdvisor makes it easy to keep your peace of mind with their socially responsible options.
The cons of ModernAdvisor
But there are also a few things to keep an eye on when investing with ModernAdvisor.
Cons
Pay attention to all fees – even what’s charged by Credential
Watch for potential hidden fees, because ModernAdvisor is an investment advice company that uses the Credential/Qtrade platform for investing. That means though they themselves don’t charge for something, you may have some fees to face from Qtrade. Get to know the terms of Qtrade before signing up, understand the fees they may charge, and ask which are applicable to ModernAdvisor clients.
Transfer fees not covered at all
ModernAdvisor does cover transfer fees, unlike some other similar services.
ModernAdvisor alternatives
The competition for ModernAdvisor is fierce with some of the top low-cost RoboAdvisor investment companies around. Here’s how they shape up against the pack:
 |  |  |  | |
|---|---|---|---|---|
| Account | ModernAdvisor | Moka | Justwealth | RBC InvestEase |
| Genius Rating | ||||
| Why You Want It | Low cost investment portfolio service + Simple platform. | Auto invest in your future with expert-approved portfolios + Low monthly fee. | Low MER and account fees + Work with a personal portfolio manager. | Get a professional investment portfolio + Low $100 minimum investment. |
| Types Of Accounts |
|
|
|
|
| Minimum Investment | $1,000 | $0 | $5,000 | $100 |
| Minimum Balance For Minimum Fee | $0 | $0 | $500,000 | N/A |
| Minimum Deposit To Cover Transfer Fee | N/A | $15,000 | $25,000 | $15,000 |
| Socially Responsible Investing Options | | | | |
Show More | ||||
| Open an account See more ModernAdvisor products Compare | Open an account See more Moka products Compare | Open an account See more Justwealth products Compare | Learn More See more RBC products Compare |
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FAQ
How does the ModernAdvisor risk free trial work?
You can kickstart your financial plans with no actual money of your own. ModernAdvisor will build a plan to suit your needs with no banking details required. This means you can play around with investing for 30 days risk-free, which is a rare opportunity. The best part? You get to keep the gains within the trial account if you decide to open your account.
Is choosing a portfolio with ModernAdvisor easy?
In my experience, the process of assessing my risk tolerance was all of 5 minutes in length. It begins with entering your age and indicating what you’re saving for. From there, ModernAdvisor helps create a portfolio of ETFs that plays to your risk.
Who is Credential?
Credential is a low cost online stock, bond, ETF, and mutual fund trading company. They currently operate under the larger discount broker name Qtrade, and this is the company ModernAdvisor works with. They use the Credential platform to invest your money, so that means your account is ultimately held with Credential. For this reason, it’s important to pay attention to what fees Credential charges, as you may need to pay some of them.
Why not just go through Credential itself instead of choosing a service like ModernAdvisor? The short answer is not everyone wants to be as hands-on with their investing and want someone to help guide them through to their financial goals. Even people with investing experience often need advice from time-to-time. It’s a good thing to have someone focused on your needs and tolerance for risk.
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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