Questwealth Portfolios Review 2021 – Best Robo-Advisor in Canada

Questwealth Portfolios Review: 4.8/5

If you’re looking for an affordable, tax-efficient and hands-off rebalancing portfolio in Canada…
 
Questwealth Portfolios may be what you need.
 
So Robo-advisors such as Quesltwealth help you make the most of your money. How? By investing in portfolios that match your risk tolerance and investment goal.
 
Before, I have used several Robo-advisors including Questwealth. But now I understand the mistakes I made in choosing the ideal Robo-advisor that’s right for me.
 
Thus, I will not allow you to make the same mistakes. That’s why I write this Questrade Portfolios review to help you make a better decision.
Table of Contents
20 Frequently Asked Questions and Answers about Questwealth Portfolios

Questwealth Portfolios Overview

AccountsRegistered and unregistered
Minimum Investment$1,000
Automatic Portfolio Re-balancingAvailable
Tax Loss HarvestingAvailable
Socially Responsible InvestingAvailable
Automatic DepositsAvailable
AccessibilityWebsite, phone, email, mobile app, virtual chat

 

Questwealth Portfolios is Questrade Wealth Management’s Robo-advisor. It was formerly known as Portfolio IQ but renamed Questwealth Portfolios in 2018.
 
Launched in 1999, Questrade has more than $9 billion in assets under management. This makes it one of the popular online brokerages in Canada.
 
Accordingly, Questrade is an industry leader in DIY investing with a competitive offer. This is due to its low fees, ease of use, range of accounts, and excellent customer service.
 
Therefore, to investors looking for an affordable portfolio without the knowledge to DIY…
 
Questrade is a perfect choice.

What is Questwealth Portfolios?

Questwealth Portfolios refers to Questrade’s online brokerage. It offers competitive investment and savings services.

So, Questwealth Portfolios got you covered on TFSA, RRSP, cash and corporate account.

Additionally, Questwealth Portfolios accommodates investors with different investment objectives.

Subsequently, you will learn more about what Questwealth Portfolios entails.

How Do Questwealth Portfolios Work?

Obviously, Questwealth Portfolios is unique unlike other Robo-advisors out there.

Upon signing up for an account, Questwealth asks several questions. Upon signing up for an account, Questwealth asks several questions. This will help determine your investment goals and risk tolerance. It will also help determine how to manage your money.

Subsequently, the Questwealth algorithm will match you with the perfect portfolio.
 
The portfolios contain a mix of Canadian, US, and international stocks, bonds, and cash. This combination is based on your risk tolerance.

Who Can Use Questrade Portfolios?

Questwealth Portfolios is for all. But not everyone fits with this Robo-advisor. The following investors are more suitable for Questwealth Portfolios:

  • Those looking for a low-fee portfolio.
  • Investors that are okay with a $1000 account minimum.
  • Those looking for hands-off portfolio management.
  • Investors that are interested in socially responsible investing.
  • Beginner investors that can’t handle self-investing.

Who Shouldn’t Use Questwealth Portfolios?

So the following people may not find Questwealth Portfolios suitable:

  • Investors looking for one-on-one contact with a financial advisor.
  • Those who are not comfortable with online transactions.
  • Investors who can rebalance their portfolios themselves.

Is Questwealth Portfolios Safe?

Yes. Questweatlh Portfolios is safe. This is because the Canadian Investor Protection Fund (CIPF) insures your money – up to $1 million.
 
This online brokerage is safe due to its membership with IIROC. (Investment Industry Regulatory Organization of Canada.
 
As a result, it also protects your money with extra $10 million insurance.

Questwealth Portfolios Pros and Cons

Based on my experience with Questwealth Portfolios, here are its benefits and drawbacks:

Pros

  • Low management fees
  • Free tax-loss harvesting
  • Automatic portfolio rebalancing
  • Many funds and investment options
  • Active management
  • Ease of use

Cons

  • $1000 minimum investment.

Questwealth Top Features

  • Do it Yourself: If you’re a self-directed investor, you can enjoy saving a lot on fees and commissions with Questwealh Self-directed Investing.
  • Pre-Built Portfolio: Questwealth makes your investing seamless with its pre-built portfolio designed by experts.
  • Low Commissions: Questwealth has zero commission fees on ETF helping you make the most of your investment.
  • Fewer Fees and Transparent Pricing: Unlike other Robo-advisors, Questwealth has no opening hidden fees. It also has no account fees, transfer fees or annual TFSA and RRSP account fees.

Questwealth Portfolio Options

Here are the current Questwealth Portfolio options and allocations:
Portfolio  Target  Allocation
AggressiveDesigned for high-risk investors100% equity
Growth

 

Designed for medium to high-risk investors

 

80% equity and 20% fixed income
BalancedDesigned for medium risk investors60% equity and 40% fixed income
Income

 

Designed for medium to low-risk investors60% fixed income and 40% equity
ConservativeDesigned for low-risk investors80% fixed income and 20% in equity

 

 

Accordingly, Questwealth portfolios are more than enough for retirement investment for most Canadians.
 
On Questwealth’s website, there is current performance information of each of the portfolios.
 
Additionally, Questwealth’s portfolio performance reports are available without an account. This allows you to assess the information before investing your money.
 
With such transparency, you have peace of mind, having an idea of how the portfolio will perform in the long run.
 
But you should know that past performance does not guarantee of future performance.
 
Thus, when you choose a portfolio that fits your risk tolerance, a human being will manage it for you.
 
This is great because a human can often make judgments that a Robo-advisor cannot. Also, a Robo-advisor always sticks to a rules-based algorithm.
 
So active management has the potential to improve your investment return.

Questwealth Portfolio Account Types

Obviously, Questwealth Portfolios provide one of the largest account products in the market.

So from retirement options, education to short-term accounts…

Questwealth Portfolios got you covered through the following accounts:

  • Tax-Free Savings Account (TFSA)
  • Registered Retirement Savings Plan (RRSP)
  • Locked-in RRSP
  • Locked-in Retirement Account (LIRA)
  • Registered Education Savings Plan (RESP)
  • Cash
  • Joint Cash
  • Corporate Cash
  • Registered Retirement Income Fund (RRIF)
  • Life Income Fund (LIF)

Questwealth Socially Responsible Investing (SRI)

If you want to invest in companies that adhere to environmental, social and corporate governance standards…

Questwealth Socially Responsible Investing (SRI) is what you need.

Like Qestwealth Portfolios, Questwealth SRI also has a five range of risk profiles. These are:

  • Aggressive Growth SRI
  • Growth SRI
  • Balanced SRI
  • Income SRI, and
  • Conservative Income SRI

Moreover, SRI risk profiles have different performance histories and yields. Check them out here.

Questwealth Asset Classes

Questwealth offers the convenience of accessing a wide variety of asset classes. How? With just ‌a‌ few ETF portfolios.
 
Since ETFs are baskets of funds, you get instant diversification when you make a deposit.

So you only need to consider the level of risk you’re comfortable with. This makes the different portfolio options worthwhile).

Having said that, here are the range of asset classes a Questwealth ETF portfolio may contain:

  • Canadian Equity: These are stocks and companies based in Canada.
  • U.S. Equity: These are stocks and companies based in the United States.
  • International Equity: These are stocks and companies located other than Canada and the United States.
  • Fixed Income: These refer to bonds.
  • Cash: These refer to savings.

Note: Each Questwealth portfolio comprises different assets allocation based on the above range.

Questwealth Fees

As I have said earlier if you’re looking for an affordable portfolio…
 
Questwealth Portfolios might be what you need.
 
Here are Questwealth ETF and SRI management fees and management expense ratios (MERs):
Management Fees    ETF MERs
  • 0.25% from $1,000 – $99,999
  • 0.20% from $100,000+
  • 0.17% – 0.22%
  • SRI Portfolios: 0.21%-0.35%

 

 

Besides these, no other fees or hidden trading charges will be charged to your account.

Thus, Questwealth Portfolios fees are low. This is compared to the fees of other Robo-advisors in Canada.

Questwealth Portfolios Review: My 5-Star Rating

Here are the factors that determine the 4.8/5 star rating of my Questwealth Portfolios Review:

Feature

 

Rating
Fees*****
Performance****
Account Options*****
Customer service*****

Fees

My goal for investing in Questwealtlh Portfolio is to maximize my income. So far, I can count the difference between the time I started investing in Questwealth and now. It is so impressive!

Portfolios Performance

Although current portfolio performance doesn’t guarantee future performance. But the previous performance of Questwealth Portfolios and the asset allocation are encouraging.

Accounts

Questwealth Portfolios has a different range of accounts that cater to different needs. This includes retirement, education and short-term accounts,

Customer Service

Customer service makes the difference between a good vs bad experience. Questwealth has a team of friendly, supportive, and prompt customer representatives.

How to Open Questwealth Portfolio Account?

Opening a Questrade Portfolio account is so easy. All you need is to follow these four steps:

  1. Visit the Questwealth Portfolios sign-up page and fill the boxes.
  2. Provide answers to questions. (These will determine your investment goal, risk tolerance, and suitable portfolio).
  3. Choose your account type.
  4. Start investing by funding your account.

How easy!

How Do I Fund a Questrade Account?

To add fund to your Questrade account, use any of the following methods:

  • Instant deposit
  • Interac Online
  • Online banking bill payment
  • Pre-authorized deposit (PAD)
  • Wire transfer
  • Transfer from another bank or broker
  • Stock certificate
  • Non-certified cheque

Note: Processing time and eligible currency vary for each of the above methods.

Also, it may take additional 1-2 business days to complete a transfer for new accounts.

To learn more about how each of the above funding methods works, click here.

How Do I Buy Stocks on Questrade?

To buy stocks on Questrade, follow these steps:

  • Login to your Questrade account
  • Navigate to “Buy/Sell”
  • Enter the name or symbol of the stock
  • Provide the details of your trade
  • Click “Buy” or “Sell”
  • Review your order
  • Click “Send Order”

How Do I Get My Money From Questrade?

To get your money from your Questrade account, follow these steps.

  • Log in to your Questrade account.
  • Click “Requests.”
  • Tap on “Withdraw Funds”
  • Choose the account you wish to withdraw.
  • Indicate your withdrawal currency.
  • Type the withdrawal amount.
  • Select your withdrawal method.
  • Enter your bank details.
  • Review your withdrawal request.
  • Navigate to “Request History” to see the progress of your withdrawal.

Questwealth vs Wealthsimple

Evidently, Questwealth and Wealthsimple are two top Robo-advisors in Canada.

Accordingly, they both provide low-cost automated investment solutions. This is suitable for investors who want to join the stock market without stress.

But despite their similarities, they have some significant differences. This table says it all:

FeatureQuestwealthWealthsimple
Minimum Investment$1,000$0
Management Fee0.20% to 0.25%0.40% to 0.50%
Automatic RebalancingYesYes
Dividend Re-investmentYesYes
Tax Loss HarvestingYesYes
Socially Responsible InvestingYesYes
Tax Loss HarvestingYesYes

 

Thus, it’s up to you to decide whether to choose Questwealth or Wealthsimple.

But neither Robo-advisor is a wrong choice. One may be more suited to your risk tolerance and financial objectives.

Comparably, one way that Questwealth and Wealthsimple differ is in market capitalization. This implies the portfolio investment of the Rob-advisors per country.

With more than 1/3 of each portfolio invested in Canadian stocks…

Questwealth Portfolios are heavily weighted toward the Canadian market.

Whereas, with 33% to 75% of investment outside Canada…

Wealthsimple focuses largely on the U.S and global stock markets.

So the focus on global stocks may raise Wealthsimple portfolios’ risk. But it also improves their potential for gain.

Therefore, if you’re an income-oriented and conservative investor that prefers to invest a large part of your money in Canada…

Questwealth may be a good fit.

However, if you’re willing to take on additional risk in exchange for the possibility of larger returns … or want a wider exposure to the global stock market at the expense of large dividends…

Wealthsimple is the top alternative!

Finally, to learn more about Wealthsimple, read my comprehensive review here.

Final Verdict on Questwealth Portfolios Review

Portfolio IQ (Questwealth Portfolios) is one of the most powerful Robo-advisors in Canada. It’s easy to see why.

Indeed its low management fees and MER and many ranges of account tell why.

Also, Questwealth risk profiles and ease of use make it attractive to all investors.

Furthermore, the past performance of Questwealth Portfolios is attractive for investment.
 
But if Quesltwealth Portfolios are not suitable for you, you can consider Wealthsimple. This has a broader exposure to the global stock market.
 
So before investing any portfolio… ensure it fits your risk tolerance and investment goal.

In conclusion, my Questwealth Portfolios review is positive.

Frequently Asked Questions and Answers about Questwealth Portfolios

What is a Questwealth Account?

Questwealth Account refers to one of the accounts of Questwealth, which includes  TFSA, RRSP, RESP, LIRA, RRIF, Cash, and LIF.

Is My Money Safe With Questrade?

Yes, your money is safe with Questrade. Questrade insures your money with extra $10 million insurance in addition to the $1 million coverage of CIPF.

Who is the Owner of Questrade?

Questrade is owned by Questrade Financial Group, established by Edward Kholodenko and three partners in 1999.

Is Questwealth the Same As Questrade?

No, Questwealth and Questrade are not the same. Questwealth is a portfolio, while Questrade is the portfolio manager.

Can I Buy Vanguard ETF through Questrade?

Yes, you can buy Vanguard ETFs through Questrade alongside BMO and iShares ETFs.

What Kind of Account Do You Need to Open Questrade?

Questrade has so many account options. This includes cash, TFSA, RRSP, RRIF, RESP, LIF LIRA account.

Is Questrade Owned By CIBC?

No, Questrade is not owned by CIBC. It’s owned by Questrade Financial Group. CIB only offers asset services to Questrade ETFs.

How Do I Avoid Questrade Fees?

While Questrade is a zero commission trading platform with no account fees, it has some administrative and management fees such as CAD$ wire transfer ($20).

You can avoid such fees by a free method of transfer such as electronic fund transfer.

What Happens if Questrade Goes Out of Business?

The CIPF insures your Questrade deposit up to $1 million. So if Questrade Goes out of business, your money is safe.

Also, Questrade backs your deposit with an additional $10 million in insurance.

What Do You Do With the Money in Questrade?

You decide what to do with your money in Questrade. You can choose to invest it in cash, TFSA, RRSP, RESP or LIRA account etc.

Does Questrade Do Cash Accounts?

Yes, Questrade has a cash account that includes joint and corporate cash accounts.

Is Questrade Good for Beginners?

Yes, Questrade is good for beginner investors that can’t handle self-investing. It is easy to use and has all the features a beginner investor needs.

Does Questrade Have Hidden Fees?

No, Questrade has no hidden fees besides its administrative and management and fees.

Is Questrade Better than TD?

Both Questrade and TD are great Robo-advisors. However, Questrade has low fees and excellent customer service.

On the other hand, TD is a comprehensive research and educational tool for self-directed investing.

Are Questwealth Portfolios Good?
Yes. Questwealth Portfolios are good for you when looking for affordable and diversified portfolios.
 
Also, Questwealth’s risk profiles, and ease of use and make it suitable for all investors.
Is My Money Safe with Questrade?
Yes, your money is safe with Qestweatlh. This is because any money (up to $1 million) you deposited on Questwealth is insured. (By the Canadian Investor Protection Fund (CIPF).
 
Additionally, Questrade safeguards your money with an extra $10 million insurance policy. Because it is a member of Canada’s Investment Industry Regulatory Organization (IIROC).
Which is Better Questwealth or Wealthsimple?

Both Questwealth and Wealthsimple are great Robo-advisors in Canada. This implies that you can’t make a wrong choice with any of them.

But Questwealth may be better for you if you want to invest a big part of your money in Canada.

So Wealthsimple may be better for you if you’re looking for global stock exposure. Remember, both have their pros and cons.

How Much Money Do You Need to Open a Questrade Account?

Questrade has no minimum amount requirement. However, you need to fund your account with at least $1,000 to start investing.

How Long Does Questrade Take to Withdraw?

Questrade has different withdrawal options. Each option has a different time frame. But new accounts usually take between 1-2 business days to complete a withdrawal.

Does Questrade Charge for Withdrawal?

Questrade has no withdrawal fees for electronic fund transfers. But has charges for other methods of transfers such as wire transfers and cheques.

Is there a Fee to Withdraw From TFSA Questrade?

No. Questrade TFSA withdrawals are tax-free and are not included in your income tax.

Does Questrade Take a Commission?

No, Questrade is a zero-commission online broker in Canada.

What is Cash on Questrade?

Cash on Questrade refers to a liquid or cash balance Questrade account.

Should I Buy US Stocks on Wealthsimple or Questrade?

Both Wealthsimple and Questrade have the same US currency conversion fee of 1.5%.

But you may not be charged any conversion fee on Questrade once the funds were deposited in US dollars.

On the other hand, Wealthsimple expects all deposits to be in Canadian dollars, thereby incurring conversion fees.

So Questrade is cost-effective when it comes to buying US stocks.

Should I Use Both Questrade and Wealthsimple?

You should use Questrade if you want to invest most of your money in the Canadian market.

But if you’re looking for global stock exposure, consider Wealthsimple.

Can I Change My Qestrade Portfolio?

Yes, Questrade allows you to change your portfolio that fits your current situation, goals and risk tolerance.

Does Questrade Do a Credit Check?

A credit check is included in the Questrade application process, but there’s no certainty that Questrade runs a credit check.

Does Questrade Do Forex?

Yes, Questrade has a separate platform for trading forex.

Can You Buy US Stocks With Questrade?

Yes, you can buy US stocks with Questrade with no conversion fee if the funds are deposited in US dollars.

How Much Margin Does Questrade Give?

How much margin you get on Questrade depends on your margin account equity.

For example, if you have equities that require a 30% margin, you can borrow 70% of the trade value.

Also, if you have equities that require a 50% margin, you can borrow 50% of the trade value.

Can I Deposit US Dollars in Questrade?

Yes, you can deposit US dollars in Questrade, which makes it cost-effective when trading US stocks.

Why Do I Have Negative USD in Questrade?

If you have insufficient USD and buy US stocks, your USD balance will be negative.

Why Do I Owe Questrade Money?

Probably you’re a margin account holder that borrowed money to execute a trade on Questrade.

Can I Transfer USD to Questrade TFSA?

Yes. You can transfer USD to the Questrade TFSA account.

Finally, if you have more questions on Portfolio IQ, kindly drop them in the comment section.

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