Are you looking for a reliable, hassle-free, affordable way to invest your money? Look no further than Questwealth Portfolios. Questwealth Portfolios is a digital investment service offered by Questrade, a Canadian online brokerage.
Launched in 2018, this digital investment platform offers a variety of ETF portfolios best suited for those comfortable with an algorithm-based, hands-free approach to investing.
In this comprehensive Questwealth Portfolios review, we’ll take a closer look at what Questwealth Portfolios has to offer and help you decide if it’s the right choice for your investment needs.
So let’s dive in and discover what makes Questwealth Portfolios a great option for your investment portfolio.
An Overview of Questwealth Portfolios
Questwealth Portfolios is Questrade Wealth Management’s Robo-advisor. It was formerly known as Portfolio IQ but was renamed Questwealth Portfolios in 2018.
Questrade has been operating as an investment management firm in Canada since 1999 and has over $30 billion in assets under management. The firm is one of Canada’s most popular online brokerages and has won Canada’s Best Managed Companies 9 times in a row.
Questwealth Portfolios provides an easy and affordable way for new and experienced investors to build and manage their investment portfolios thanks to its low fee structure and exceptional trading platforms.
Questwealth Portfolios offers access to a range of professionally managed investment portfolios tailored to your investment goals and risk tolerance. Their portfolios comprise a mix of low-cost ETFs (exchange-traded funds) and are designed to provide diversification and long-term growth potential.
Questwealth Portfolios offers all the features of a good robo-advisor. They offer exceptionally low fees, an easy-to-use interface, an entirely online presence, and excellent customer service. It’s the perfect option for investors who want low fees but don’t want to venture into DIY investing.
- Accounts: Registered and unregistered
- Minimum Investment: $1000
- Automatic Portfolio Re-balancing: Available
- Tax-loss Harvesting: Available
- Socially Responsible: Available
- Investing Automatic Deposits: Available
- Transfer Fees: Pays transfer fees up to $150 per account
- Customer Service: Excellent
- Accessibility: Website, phone, mobile app, virtual chat
Key Features
Benefits and Downsides of Questwealth Portfolios
When deciding whether Questwealth Portfolios is the right robo-advisor for you, consider the pros and cons of using the investment platform:
Pros
- Low management fees
- Free tax-loss harvesting
- Automatic portfolio rebalancing
- Many funds and investment options
- Active management
- Ease of use
Cons
- $1000 minimum investment.
Questwealth Portfolio Account Types
Questwealth Portfolios offers the largest account options in the market. From retirement options, and education to short-term accounts, Questwealth Portfolios offers you the following accounts:
- Tax-Free Savings Account (TFSA)
- Registered Retirement Savings Plan (RRSP)
- Locked-in RRSP
- Locked-in Retirement Account (LIRA)
- Registered Education Savings Plan (RESP)
- Registered Retirement Income Fund (RRIF)
- Life Income Fund (LIF)
Top Features of Questwealth Portfolios
Questwealth Portfolios is a great option for investors who want an affordable, hassle-free way to invest their money. It offers amazing features that make it stand out among other robo-advisor.
1. Low Fees
Questwealth Portfolios offers one of the lowest management fees in the Canadian market. It charges between 0.20% to 0.25% based on the amount you have in deposits.
Questwealth Portfolios ETDs have portfolio MERs from 0.17$ to 0.22%. So you can get a portfolio with a total fee of only 0.42%. You can also get reduced fees when you link your account with the accounts of your friends and family members.
2. Excellent Customer Service
Questwealth Portfolio offers phone support, virtual chat, or email support. Their virtual chat feature is handy and allows clients to chat with their representatives from Mondays to Fridays between 8 am and 8 pm EST.
The investment platform also has a searchable self-help function that offers information and support on various topics.
3. Free Tax-Loss Harvesting
Investors with taxable accounts will find the feature worthwhile. It can be useful if you invest money outside your RRSP or TFSA.
Tax-loss harvesting reduces your taxes on investment gains by offsetting them with investment losses. Portfolio managers can use the tax-loss harvesting feature to reduce capital gains tax in cash accounts.
4. Actively Managed Portfolios
Questwealth Portfolios actively manages your investment with a team of experts who watch the market and adjust your portfolio when needed.
The portfolio managers use research to limit losses and look for opportunities to improve your returns. For other investment platforms, actively managed funds are accompanied by higher fees, but this is not true for Questwealth clients.
5. Paid Transfer Fees
When you switch to Questwealth, most financial institutions charge a transfer fee. Questwealth Portfolios rebates your transfer fees up to $150 per account.
Transfer fees can be pricey for most places, making this feature a good deal.
Is Questwealth Portfolios Safe?
Yes. Questweatlh Portfolios is safe.
Your accounts are insured by the Canadian Investor Protection Fund (CIPF). If the company goes bankrupt, your investments are protected for up to $1 million.
Also, 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 an extra $10 million in insurance.
Questwealth Portfolios Options and ETF List
Here are the current Questwealth Portfolio options and allocations:
Portfolio Target Allocation Aggressive Designed for high-risk investors 100% equity Growth Designed for medium to high-risk investors 80% equity and 20% fixed income Balanced Designed for medium-risk investors 60% equity and 40% fixed income Income Designed for medium to low-risk investors 60% fixed income and 40% equity Conservative Designed for low-risk investors 80% fixed income and 20% in equity
Each portfolio is designed using 5-7 low-cost ETFs:
- iShares Global REIT ETF
- SPDR Portfolio Emerging Market ETF
- iShares Core Canadian Universe Bond Index ETF
- WisdomTree Canada Quality Dividend Growth Index ETF
- SPDR Portfolio Total Stock Market ETF
- iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)
- iShares Core Canadian Short-Term Bond Index ETF
Questwealth Socially Responsible Investing (SRI)
If you want to invest in companies that adhere to environmental, social and corporate governance ETFs, low carbon ETFs, and Cleantech ETFs, Questwealth Socially Responsible Investing (SRI) is what you need.
Like Qestwealth Portfolios, Questwealth SRI also has five risk profiles. These ETFs were put together to design five specific portfolios ranging from aggressive to conservative. These are:
- Aggressive Growth SRI
- Growth SRI
- Balanced SRI
- Income SRI, and
- Conservative Income SRI
Questwealth Asset Classes
Questwealth offers the convenience of accessing a wide variety of asset classes by holding a few key ETFs. Since ETFs are baskets of funds, you get instant diversification when you deposit.
So you only need to consider the level of risk you’re comfortable with. This makes the different portfolio options worthwhile. Here are the asset classes you can get an ETF in:
- 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 other than Canada and the United States.
- Fixed Income: These refer to bonds.
- Cash: This refers to savings.
Questwealth Fees
When it comes to fees, Questwealth Portfolio is your best option if you’re looking for an affordable portfolio. The management fees you can expect to pay per annum depend on your account balance as follows:
Management Fees
- 0.25%: $1,000 – $99,999
- 0.20%: $100,000+
- ETF MERs: 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. It is safe to say that Questwealth Portfolios fees are low compared to the fees of other Robo-advisors in Canada.
How to Open Questwealth Portfolio Account
Opening a Questrade Portfolio account is so easy. All you need is to follow these steps:
- Visit the Questwealth Portfolios Page
- Create a user ID and proceed to the questionnaire.
- Provide answers to the questionnaire. These will determine your investment goal and risk tolerance and help the system recommend a suitable portfolio.
- Choose your account type.
- Start investing by funding your account.
Questwealth Vs. Wealthsimple
Questwealth and Wealthsimple are two popular online investment management platforms that allow Canadians to easily invest in various investment options, such as stocks, bonds, and ETFs. Here are some key differences between the two:
Feature Questwealth Wealthsimple Minimum Investment $1,000 $0 Management Fee 0.20% to 0.25% 0.40% to 0.50% Automatic Rebalancing Yes Yes Dividend Re-investment Yes Yes Tax Loss Harvesting Yes Yes Socially Responsible Investing Yes Yes Tax Loss Harvesting Yes Yes
RELATED: Wealthsimple Halal Portfolio Review (2023)
Final Thoughts on Questwealth Portfolios Review
Questwealth Portfolios is a reliable, affordable, and hassle-free digital investment service offered by Questrade. The digital investment platform offers low fees, automatic portfolio rebalancing, and a range of investment options, making it an excellent option for new and experienced investors.
Questwealth Portfolios is easy to use, has exceptional customer service, and provides free tax-loss harvesting. With a range of account options, including retirement and education savings plans, Questwealth Portfolios stands out among other robo-advisors in the market.
Moreover, the investment platform is safe, with Canadian Investor Protection Fund (CIPF) insurance and membership with IIROC.
If you are looking for a trusted digital investment service that offers great features and low fees, Questwealth Portfolios is a great choice for you. This Questwealth Portfolios review is positive.
FAQs on Questwealth Portfolios Review
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 Questwealth Owned By CIBC?
No, Questwealth is not owned by CIBC. Questwealth Financial Group owns it. CIBC only offers asset services to Questrade ETFs.
How Much Money Do You Need to Open a Questwaelth Account?
Questwealth has no minimum amount requirement. However, you must fund your account with at least $1,000 to start investing.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
