The Complete Guide to Canada’s Robo Advisors
Do you want an easy, user-friendly way to sock money away in an RRSP or TFSA without having to learn “a bunch of investing stuff”? Perhaps you’re looking for a financial service that matches your lifestyle and allows you to get advice online without having to wait at a bank or sit on a phone for hours? Maybe you’re familiar with low-fee DIY index investing (aka couch potato investing) and are just looking for the quickest, simplest way to put this into practice?
The bottom line is that if you have any interest in investing for the future, you should take a serious look at what Canada’s robo advisors (aka “robos”) have to offer. This is especially true if you are comfortable with technology and want a financial solution that is easy to access and will take less than ten minutes a month to implement. Before I get to the ins and outs of just what a robo advisor is and compare some of the available options to find the top Canadian robo advisor, I should point out that the incredible growth that these new companies have seen over the past few years hasn’t happened by accident. I think that robo advisors are an excellent alternative to traditional ways of managing money and that they specifically represent a superb value for the vast majority of Canadian millennials (and are better regulated than traditional financial advisors!).
If you stay tuned until the end of the article, we have some juicy offers that are ONLY for Young and Thrifty readers – who want to simplify their investing life by using robo advisors!
*Use our Table of Contents below to jump to a specific section, simply scroll down to read the article in its entirety.*
Intro and Guide:
- What the Heck is a Robo Advisor?
- Online Financial Advice and Automatic Investment Strategies – A Rose by Any Other Name?
- What Can They Do for You?
- But Just How Safe Are We Talking Here?
- What Is This Robot Investing My Money In?
- Why Are Robo Advisors Such a Good Deal?
- If Robo Advisors Are Such a Great Deal, Why Do You Still DIY?
- Is DIY or a Robo a Better Fit for You?
Finding the Best Robo Advisor Company:
Intro: What the Heck is a Robo Advisor?
I feel for the folks that have started up these low-fee online financial management businesses. In case you haven’t got the picture yet, I love what they’re doing and what they’re offering. Unfortunately, in an investing world full of BS lingo, harmful myths, and ridiculous marketing efforts, my real fear is that people will recoil at this misleading name that has been slapped on them before understanding what a great deal they can be.
“Robo Advisor” sounds like an ATM that robotically rasps some generic finance-related stuff in a Siri-esque way before taking a bunch of your money.
Or maybe it evokes images of R2D2 spitting out a bunch of numbers – numbers that won’t mean anything to you and that will likely give you a headache.
Plus, I guarantee your full-service financial advisor (or “friend with your best interests at heart” as they likely refer to themselves) will tell anyone who will listen that robo advisors are nothing but heartless automatons that won’t give you any personalized help such as the wonderful advice that they provide. (They’re full of it, but more on that later.)
Money is an inherently emotional topic, and consequently no one wants to think of their hard earned savings being managed by a robot! I get it. I really do.
Online Financial Advice and Automatic Investment Strategies – A Rose by Any Other Name?
Here’s the thing – robo advisors AREN’T ROBOTS. In fact, they’re not even close. Here’s where the name comes from and what the reality is:
- The “robo” in robo advisor refers to the fact that there is no human being that will be stock picking your investment portfolio. I cannot emphasize enough that this is a very good thing. Human beings are terrible at picking stocks and other investable assets. Professional money managers are almost as bad as everyone else is at choosing when to invest money and what to invest it in. I know this sounds insane, but there are dozens of academic studies that prove this fact conclusively. Please do your own research if you don’t believe me – or for now, accept that not having a human being pick stocks on your behalf will be a great advantage to you.
- Robo advisors are operated by humans. You will communicate with humans. You will email with humans. You will talk on the phone or via Skype with real live humans if you so choose. You probably won’t meet with people face-to-face very often – but who has time for that these days anyway?
- No one would choose to work with robo advisors if they were impersonal and/or robotic in any way. People simply care about their money too much. Robo advisors are managing hundreds of millions of dollars in Canada alone, and billions worldwide. People trust these guys.
- Canada’s robo advisors are subject to some pretty serious regulations. From all the research I’ve done, all of the major players are just as safe to use as any of Canada’s other financial institutions.
I think it’s worth repeating at this point that robo advisors are NOT ROBOTS and that if you have any problems or want to talk to a person, every major player gives you multiple ways to do that. The Canadian Government is well aware of the online investment/advice model and it is well regulated. So, while the name might sound a bit scary, please do your best not to let that dissuade you.
What Can They Do for You?
In short, Robo Advisors can give you a basic plan, help answer many – if not all – of your questions when it comes to investing your money, and then provide you with a super easy way to turn part of your paycheque into a pretty good investing portfolio.
That sounds simple – but it’s a pretty big deal.
It’s a big deal because most Canadians understand that they should be saving and investing for the future, but they are intimidated by all of the confusing language, the time & energy involved in setting up accounts, and managing the logistics of actually handling their own investment portfolio. As a consequence of this intimidation, the answer provided by the money managers and investment companies since time immemorial was to hand over your investment dollars to someone in a suit. They would hold your hand, tell you it would all be ok, and that only they could help you navigate the choppy waters full of financial acronyms and graphs that only a physics Ph.D could appreciate. In return for this combination of advice and “expertise” you would be charged nothing. That’s right – it was free – at the point of delivery anyway. All you would eventually pay is a measly 2-3% of your investments, but that was all numbers stuff – and you got it right? It was basically pretty easy to understand right? If you didn’t get it and asked questions about it you were kind of weird and maybe not very smart right?
I wish I were exaggerating with my dripping sarcasm, but unfortunately this was the option that the majority of Canadians chose for a long time – and still continue to choose actually. However, help is on the way. Robo advisors won’t do absolutely everything for you that a full service financial planner will – but they will do most of it – and do it for much cheaper.
Here’s the real takeaway for the majority of our young (ish?) readers: Robo advisors will provide 98% of the information you need to get started with investing and building a nest egg. If you need more advice than they are able to provide you can read this website, read a book, or hire a professional such as a fee-only planner or a lawyer to help you fill in the specialized blanks on stuff like wills, insurance, leaving children an inheritance, or some of the other niche financial needs.
We’ll talk more about the actual investment portfolios offered in just a second, but here’s a quick rundown of what all of the major robo advisors offer:
- Much better investing options than mutual funds!
- “Light advice” that can vary from company to company. In my opinion, if you care enough to be reading a financial blog, then “light advice” will work just fine for you.
- The most easy-to-use way to invest your money that I’ve seen.
- Very straightforward methods to get your money from your paycheque, and into investments that are right for you. Less time & less stress = easier to stick with.
- Visually appealing websites that make life simple on a computer, tablet, or smartphone.
- A safe and secure way to invest and grow your money for the long term.
But Just How Safe Are We Talking Here?
Are robo advisors safe in the same way your Uncle Don had a “super safe” investment in an Alpaca farm a few years ago? (You’re still getting your shareholder payments in sheared wool each year right?)
No – they are as safe as pretty much any other bank or investment firm out there.
Here’s why I feel comfortable saying that:
- All robo advisors are a bit like storefronts. The “warehouse” or “back office” is a third party that is a member of the Canadian Investor Protection Fund (CIPF). If you’re not sure what the CIPF is, here is what their website has to say: “Investment dealer insolvency doesn’t happen very often. In fact, since CPIF’s inception in 1969 there have been only 20 Member insolvencies. CIPF has paid claims and/or related expenses of $43 million, net of recoveries, and no eligible customers have suffered a loss of property.
- Even if the worst case scenario were to occur and bankruptcy ensued, robos’ clients’ money is kept separately from the companies’ own balance sheet. Even before it got to that point however, it is likely another of Canada’s robo advisors or major financial entities would buy a distressed robo company just to get their client accounts – thus moving your money to a new company or “storefront” but ultimately not losing a penny.
- All the robos that I looked into are very transparent and specific on their websites when it comes to addressing precisely where your money is held and why you are protected as a Canadian consumer. They are also very transparent about ownership and management (for example view this Wealthsimple review we created).
- The robo advisor model has been used around the world for several years now. For example, the American robo Betterment has been around since 2008, and now has over $3 billion in assets under management. These guys are going to be around for the long haul, and they are NOT “still working the kinks out”. These models are tested and refined – and will continue to get better.
- If a robo advisor were to be bought out or go bankrupt your assets would be just fine from everything I’ve read.
- Robo investing platforms have a fiduciary duty, more than their traditional counterparts.
What Is This Robot Investing My Money In?
#1 There is no robot investing your money.
#2 There is a pre-agreed upon way to invest your money that you will choose and then a person, in tandem with a computer will carry out on your behalf.
Basically, all robo advisors have done is take the couch potato investing theories that geeky personal finance bloggers like yours truly have been raving about for years – and make them much easier to invest in. Naturally, they won’t offer this service for free, so there is a relatively small fee attached.
Each robo advisor will offer this service a bit differently and charge a slightly different price in order to do it (more on that in a second), but at their root, each robo seeks to take your investment dollars, learn about your goals, and then recommend a basic index-ETF portfolio that each of your investment dollars will be split into going forward. If you’re thinking to yourself that this sounds a lot like our Free eBook on ETF Investing, or Dan Bortolotti’s (aka the Canadian Couch Potato) model portfolios, then you would be correct. Neither Dan nor myself invented this stuff – we (along with many other financial bloggers) just sought to simplify theories put forward by super smart people like Eugene Fama, Harry Markowitz, and John Bogle. All those three did was win Nobel Prizes and create one of the world’s largest financial management empires respectively. Robo advisors will put your money in a portfolio that is very similar to (if not exactly) what I would recommend. This approach will help you outperform at least 90% of Canadian investors that seek to invest through mutual funds and/or picking their own stocks. Depending on what study you read, you might even outperform up to 98% of these investors over the long haul (read the free eBook for more on this).
Each of the major robo advisors will make sure that some of your money is put into Canadian stock market ETFs, International stock market ETFs, and more conservative investments such as bonds and GICs. Each will do this in a slightly unique way, but without getting too nerdy on the details, what you really need to know is that there is a ton of proof, science, and simplicity behind the financial management strategies that will be applied to your money. For what it’s worth, I endorse this approach wholeheartedly, and I have yet to find a Canadian financial blogger who doesn’t.
We wrote a few article comparing Canadian robo advisors to leading funds:
Why Are Robo Advisors Such a Good Deal?
When compared to the way most Canadians still choose to manage their money, robo advisors are a fantastic deal. What it really comes down to is how much of your investments are you willing to sacrifice each year in return for financial advice and help getting money from your paycheque and into an investing portfolio? Each robo advisor has their own way of charging for their services. Some charge a flat rate, while others charge a certain percentage, and a couple charge a combination of the two. What all of the robos have in common is that they are simply a much cheaper way to invest than the traditional bank mutual funds. The larger your nest egg grows the more true this is.
If only someone had a super handy calculator that would not only allow you to compare the cost of investing with each different robo advisor, but also compared the fees involved to that of traditional bank mutual funds – oh wait there is! Thanks to Sandi Martin from Spring Personal Finance and John Robertson from The Value of Simple, we have a brilliant tool that should allow you to easily see which companies offer you the lowest prices for your specific circumstance (which is not the same as the best company for you, but might go a long way to helping you decide). It is available here.
Also, while the differences on this calculator are substantial, keep in mind that those differences will be compounding over time. The calculator shows after 10 years, but plug those numbers into any basic compound interest calculator for 25-30 years, and the difference between the robos and major banks become absolutely massive (six figures for most long-term retirement investors).
Screen Shots from AutoInvest.ca Calculator:
Obviously the best robo advisors are able to save significant costs relative to their traditional bank counterparts because they don’t have the brick and mortar overhead, number of employees, or the dividend-hungry shareholders that the big banks do. They can then pass these savings onto consumers. One variable that Sandi and John’s calculator/tool does not take into account is that these passively-managed robo advisor portfolios are quite likely to have higher overall returns relative to bank mutual funds due to their couch potato/index fund algorithm – and that’s in addition to the lower fees.
I personally believe that both younger and older Canadians who are comfortable in an online-only environment will find the robo advisor platforms much easier to interact with than those of the big banks and investment companies. That is their sole purpose after all. I cannot emphasize enough how intuitive and aesthetically pleasing the leading top robo advisors are. This being said, I think it’s likely that big banks will soon follow BMO’s lead and put forward their own robo advising options that copy the best parts of what’s out there (or buy out some of the current leaders).
Overall, because I actually prefer the flexibility of working with an online platform as opposed to face-to-face talks, I would actually pay more for an online-only model. The fact that my money is invested much more effectively than using big-bank mutual fund fees, and I see a major cut on fees, means that this isn’t even a close comparison for me.
If Robo Advisors Are Such a Great Deal, Why Do You Still DIY?
After raving about what a good deal robo advisors are, you might do a double take when I say that I don’t plan on using them. I will still continue to invest using the Do It Yourself couch potato method that we explain in our free eBook.
That being said, I have now started recommending the robo advisor route for 80% or so of my friends.
Why is it good enough for my friends but not for me? It’s all a matter of value and eliminating obstacles that get in the way of consistently turning part of your bi-weekly or monthly cheque into an investment portfolio.
Anyone can build the exact same investing portfolio for themselves that they can get through a robo advisor – most of the robos even go so far as to show you the exact portfolio options available on their website or during the first consultation you have with them! There is very little that is new or original when it comes to the investing side of the robo advisor operation. One thing that I really admire about all of the major robo advisors in Canada is that they have been entirely up front with me in admitting that you can implement a DIY index ETF portfolio for significantly cheaper than what it will cost you through them. Personally, I feel very comfortable setting up my own online discount brokerage account and managing my portfolio (and it looks pretty much identical to the ones that would be recommended to me through the robo advising services). That being said, I’m kind of a nerd and not exactly the target audience for these companies.
So, to recap so far, DIY index investing is definitely cheaper than using a robo advisor. I still maintain that I don’t think it is overly difficult to DIY using a basic portfolio of index ETFs. I would compare the overall difficulty level to grade 9/10 math.
Is DIY or a Robo a Better Fit for You?
Ultimately, how I choose to manage my investments probably doesn’t matter much to you – what should matter is which options will get you the best results going forward. Here’s a few quick questions to help you decide how to invest your money (assuming you have come to the same conclusions that I have and determined stock picking is probably a terrible idea, and mutual funds are close behind).
1) Do you want to do your own Gr.9/10 math? Please don’t answer this question based on pride. Seriously ask yourself if you want to make this commitment 4-12 times a year when you rebalance your investing portfolio. If you don’t, then go with a robo. (I’m fine with Gr. 9/10 math, but don’t ask me to do elementary-level lessons in learning any foreign language.)
2) Do you want to do a few hours of reading and paperwork in order to fully understand index investing and how to implement it? If you don’t, then go with a robo.
3) If a strategy is easier for you, will it make a large difference in how successfully you implement and stick with it? Think about going to the gym. If your gym was 15 minutes closer to your house, would you be slightly more likely or much more likely to use it? If convenience and ease of use are major factors for you, then go with a robo.
4) If you’re just not super confident when it comes to investing terms such as ETF, RRSP, TFSA, etc., and think it would be really nice to have someone to email or chat online with from time to time, then go with a robo.
Each of these four questions might seem sort of “small potatoes” to you, but truthfully, they’re not. Making investing easier is worth A LOT of value to the majority of Canadians. Sure, it will probably cost you somewhere around .5%-.7% of your portfolio annually, but if it makes the difference between you investing $5,000, and not getting started at all, that is a very minor concern. Plus, don’t forget that you’re still way ahead of traditional financial advice/investing models.
If there’s one thing I’ve found out since I started writing a personal finance blog it’s that people can be really mean in internet comment sections. Our goals it to give the best advice on this matter and showcase and compare the best robo advisors, nothing more, nothing less.
If there’s a second reality I’ve learned, it’s that most young Canadians I interact with don’t really want to manage their own investments. They want to “set it and forget it” and then re-visit the idea again a few years before they retire. This is why workplace pensions are so sought after. I’ve also noticed that many Canadians get a burst of energy, read a bunch of stuff, and then fail to follow through and execute the investing strategy they’ve read so much about. Or they get bogged down in stuff like specific ETF choices and then they start thinking that maybe picking a few a stocks isn’t such a bad idea, etc. For this majority of Canadians, the robo advisor model is a godsend and will probably make a really significant difference in people’s lives (like retiring or reaching financial independence years sooner-type-of difference).
Comparing Canada’s Best Robo Advisors
Please check out our in-depth reviews on each of Canada’s leading Robo Advisor options. All reviews have been written by us after extensive research :
- Wealthsimple Review – Most Recommended, Best Canada Robo Advisor 2017
- Nest Wealth Review – Runner Up for Best Robo Advisor 2017
- Questrade IQ Trade Review – Robo Advisor by Canada’s Premier Discount Brokerage
- Justwealth Review
- ModernAdvisor Review
- WealthBar Review
- Invisor Review
- Responsive Review
- Smart Money Capital Management Review
Mini Robo Reviews
Asking Robo Investing Companies to Highlight Advantages
Here’s how our major contenders stacked up on our search for the best robo advisor when I asked them what made their respective offering different from their competitors’:
Nest Wealth, WealthSimple, and WealthBar aren’t the only robo advisors out there, but from what I can tell, they control the vast majority of the robo market in Canada. This isn’t to say that the others aren’t worth a look. The other robos in Canada include:
- Questrade’s Portfolio IQ
Then there are some “almost robos” that offer certain products and services in common with robo advisors, but are substantially different in one way or another. For example, Tangerine offers “turn-key portfolios” that are another relatively simple way to put your money in a diversified portfolio – but I just personally don’t find them competitive with what the leading robo advisors are now putting out there.
Shareowner is another place that specializes in low-cost investing (*note: ShareOwner is owned by WealthSimple) but doesn’t offer the same advising services as the three market leaders that we focused on.
Overall Thoughts and Recommendation
Robo Advisors are really the perfect value proposition for people that don’t want to pay ridiculous fees and percentages for basic financial advice (*cough big banks and large investing companies in Canada *cough) but are intimidated by venturing out completely on their own to build a DIY couch potato portfolio. With new investment regulations such as Canada’s “CRM2” coming into play, and the idea of investor fees getting more and more air time, I think the leading robos are in a great position to benefit as investors (especially young investors who prefer to interact online) become educated on just how much they can save by going with this “light advice” route.
I know that this is a complete fence-sitting cop out, but rather than recommend any single one of these robo advisors to ALL Canadian investors, I’d rather focus on the fact that all of them are a great deal relative to the traditional options out there. If you’re still confused as to what a “traditional option” is, think of pretty much any financial institution that spends gazillions of dollars on buying naming rights to stadiums and arenas, or has multiple strip mall locations.
Truthfully, I don’t think you can really go wrong with any of the best, market-leading, Canadian Robos. In order to make a final selection, I’d look at their websites and platforms, and after narrowing down the list, talk to several of them and get a feel for which one will work best for you. Ultimately what it REALLY boils down to is which of these services will make you the most likely to save and invest more of your paycheque? Which one of the robos really inspires you to go to their website or app and use it because it just makes sense to you? Whichever robo grabs you in this way is probably the one that will give you the best results when you come to retirement in 20-40 years. They each offer unique bells and whistles, but at the end of the day it’s all about knowing yourself and making it as easy as possible for you to meet your specific goals.
I still prefer DIY index investing in a vacuum – but it’s vitally important to remember that you aren’t in a vacuum. You are you, and chances are that if you’re an “average middle-class Canadian” you have a lot on your mind, and aren’t really sure you want to jump into the DIY stream. That’s perfectly fine – Canada’s robo advisors are your next best bet.
FREE Offers Exclusive to Young and Thrifty Readers!
We’re kind of a big deal – or at least that’s what we told those robo advisor guys. So if you want to see what Canada’s robo advisors have to offer – For FREE – then check out these great deals:
1) WealthSimple will let you manage $10,000 for free if you simply click here and decide to open an account with them.
2) Nest Wealth is offering to let you try their service for free for three months. Simply click here to see what Canada’s 2nd biggest robo advisor has to offer – for $0!
3) WealthBar will happily allow Young and Thrifty readers to manage $20K for free for a full year, to anyone who mentions to their advisor that they signed up after reading this article and uses this link.
4) Finally, click here to open an account at ModernAdvisor and instantly get $50,000 managed for free – for a full year – simply because you’re a loyal Young and Thrifty reader.
5) JustWealth has also recently signed up to give Young and Thrifty readers a juicy bonus. When you click here and give them a try they’ll toss $50 into your account!
With these guys willing to allow you to try their services for free, what do you have to lose?
If you have any questions about Canada’s robo advisors, toss them in a comment below, or email them to us, and we’ll answer them right here. If any new robo-advisor shakes up the Canadian market, or there is a major shift in the robo scene, we’ll let you know about it.
August 2016 Update
Robos have continued to gain steam with both investors and the media with the aforementioned CRM2 beginning to kick in. I have yet to read an article that argues that Canada’s Robo Advisors have any real issue with safety or concerns about anyone losing money.
As far as I know, all of the Robo Advisors we list in our article continue to honour Young and Thrifty-specific bonuses for our readers. There is still time to try these services for free if you simply mention that Young and Thrifty sent you. In addition to those freebies, read on below for a great offer on behalf of new Canadian Robo Justwealth. Finally Questrade wanted to get in on the action with their Portfolio IQ product and if you open an account by clicking here, Questrade will offer you your first month managed for FREE.
One cool new trend that I heard about on Preet Banerjee’s Mostly Money, Mostly Canadian podcast (check it out if you haven’t already) is that many fee-only advisors are using the robos’ service as the investment management aspect of their value proposition to clients. Basically what this means is that people are finally starting to realize that all of this ridiculous propaganda that mutual fund pushers have been throwing out there for decades is ridiculous, and that ethical advisors are now trying to make a much better argument.
Essentially, they’re saying, “Look, our value isn’t in picking a hot stock or fund – we know that this passive investing strategy (aka couch potato investing) is scientifically proven to be the best long-term strategy for a relatively small-scale investor like yourself. Instead of talking about that, we’re going to set up a really simple contribution system for you and leave it alone. Then we’re going to put all our energy into other good stuff like tax management, insurance coverage, wills, and other financial matters that have often been ignored because people were so focused on investments.”
I hope this trend continues, as it would really diversify current financial advice offerings, and allow people to really choose the model that best fits their needs.
One new market entrant took the time to chat with us with is named Justwealth. (As far as I know, you don’t actually have to have “wealth” in your name to join the robo advisor club, but then again I don’t know the secret handshake either so…)
Click Here in order to snag Justwealth’s exclusive offer to Young and Thrifty readers of a $50 deposit straight into their account!
Here’s what Chief Investment Officer James Gauthier had to say about his company’s offerings:
- Justwealth has vast experience in the area of personal wealth management. Our investment professionals have previously managed tens of billions of dollars for large financial institutions on behalf of Canadian retail and high net worth investors.
- Justwealth offers more portfolios (61) than any other online Portfolio Manager by a wide margin. This ensures that we have a portfolio that is perfectly aligned with an investor’s investment objective – we don’t try to put square pegs in round holes! We also use more ETFs (29) and ETF providers (7) than any other online Portfolio Manager.
- We are able to manage all account types and have portfolios and investment strategies designed specifically for investors with non-registered (taxable) accounts.
- We offer our innovative Education Target Date Portfolios for RESP accounts, and are the only Portfolio Manager in Canada (online or traditional) with an investment solution that “matures” in the exact year that a child begins post-secondary education.
- Every client of Justwealth receives their own Personal Portfolio Manager who takes the time to fully understand the investment needs of their clients and services them on an ongoing basis. We make financial planning and investment counselling available to every client.
- We treat clients the same way that we would wish to be treated ourselves: Justly! We do not receive any forms of commissions, kickbacks or trailer fees. We do not have any arrangements or give preferential treatment to any ETF providers. We will not attempt to sell our clients insurance or accept any referral fees for other financial services. All investment decisions are made in the best interest of the client.
- Justwealth is a proud member of the Portfolio Manager Alliance of Canada (PMAC).
After reaching out to the folks we had previously contacted about any new offerings, Wealthsimple responded by telling us that they:
- Now have 15,000+ clients & $500M+ in Assets under Management.
- Won the Webby Award for Top Financial Services Website in the world.
- Launched a Portfolio Review Service that allows users to submit their investment portfolio to be reviewed by Wealthsimple’s team of registered Portfolio Managers.
- Launched Wealthsimple for Advisors: An automated platform for financial advisors to manage their clients’ investment portfolios.
- Integration with Mint Platform: First financial institution to offer secure, read-only Mint access to their clients.
If any other robo advisors wish to have us update their offerings, please let us know and we’ll get them up there.
Also, I’m always interested in hearing about Canada’s robo advisors from the consumer side of things. If you’ve compared robo advisors and come to certain conclusions, or if you just want to say great things about the folks that you’re sticking with, please don’t be shy about leaving an update in the comment section or emailing us directly through our Contact Us page. Stay tuned as always for periodic updates on Canada’s robo advising industry going forward.
1) Do any of Canada’s robo advisors offer Registered Disability Savings Plans (RDSPs)?
At this time, only WealthBar offers RDSPs – and they’re only available if you open another account such as a TFSA, RRSP, or unregistered account with them first.
2) Which of Canada’s robo advisors offer Registered Education Savings Plans (RESPs)?
At this time WealthBar, WealthSimple, and Nest Wealth all offer RESP options. Modern Advisor currently does not, but did say that it was something they were working on.