This review covers CI Direct Investing, CI Financial’s online investing platform: its managed (robo-advisor) portfolios and fees, its accounts, and how it compares with other robo-advisors. For the full field, see the robo-advisor comparison and the wider online broker comparison.
CI Direct Investing is a full-spectrum investing platform offering both self-directed trading and managed (robo-advisor) portfolios, built on two CI Financial acquisitions: WealthBar (the managed/robo-advisor lineage, which CI announced in May 2020 would become CI Direct Investing) and Virtual Brokers (the self-directed lineage, now CI Direct Trading). Both are trade names of CI Investment Services Inc., a CIPF member.
Quick Overview
| Feature | Managed (Robo) | Self-Directed |
|---|---|---|
| Fee structure | 0.35% to 0.60% management fee (tiered) + ETF MER | 1¢/share (min $1.99, max $7.99 per trade); $0 ETF buys |
| All-in cost | ~0.55–0.80% depending on balance | $0 to $7.99/trade |
| ESG portfolios | ✅ Impact Portfolios | ESG ETFs can be bought like any other ETF |
| Account minimum | $0 to open; balance to invest can be as low as $100 | $0 (quarterly admin fee under $5,000; see below) |
| Automatic rebalancing | ✅ Yes | Manual |
| Account types | Registered and non-registered (confirm the list with CI) | TFSA, FHSA, RRSP, RRIF, LIRA, LIF, RESP, margin |
| Regulation | CI Investment Services Inc.: CIRO member, CIPF member | Same firm |
Overall Rating
| Category | Score |
|---|---|
| Managed fee (vs Questwealth) | ★★★ |
| Managed fee (vs mutual funds) | ★★★★★ |
| SRI commitment | ★★★★★ |
| Self-directed fees | ★★★★ |
| Platform experience | ★★★★ |
| Brand recognition | ★★★ |
| Overall | ★★★½ |
Managed Portfolio Fees
Management Fee Tiers
| Balance | Management fee |
|---|---|
| First $150,000 | 0.60% |
| Next $350,000 | 0.40% |
| Above $500,000 | 0.35% |
Total All-In Cost
| Balance | CI Direct all-in | Questwealth all-in | Wealthsimple managed investing all-in |
|---|---|---|---|
| $25,000 | ~0.80% (~$200) | ~0.45% (~$113) | ~0.70% (~$175) |
| $100,000 | ~0.80% (~$800) | ~0.40% (~$400) | ~0.60% (~$600) |
| $200,000 | ~0.75% (~$1,500) | ~0.40% (~$800) | ~0.60% (~$1,200) |
All three columns add an assumed ~0.20% average ETF MER to each provider’s management fee (CI lists its ETF Portfolio MERs at 0.17% to 0.23% as of April 30, 2024). CI’s fee is tiered on the balance; Questwealth charges 0.25% below $100,000 and 0.20% from $100,000; Wealthsimple managed investing charges 0.5% at Core and 0.4% at Premium ($100,000+). Actual MERs vary by portfolio.
Because each layer above $150,000 is charged less than the first, CI Direct’s average rate falls as the balance grows.
If you are deciding whether the managed fee is worth paying at all, compare robo-advisor vs ETF portfolio in Canada before choosing the service tier.
Self-Directed Platform: CI Direct Trading (Formerly Virtual Brokers)
Trading Fees
| Transaction | Cost |
|---|---|
| Stocks | 1¢/share (min $1.99, max $7.99 per trade); $3.99 flat with 150+ trades in the previous quarter |
| ETF purchases | $0 |
| ETF sells | 1¢/share (min $1.99, max $7.99 per trade) |
| Options | $7.99/trade + $1.25/contract (standard); $3.99 + $1.25/contract (150+ trades in the previous quarter) |
| Mutual funds | $0 |
| Fixed income | $0 (traded on an agency basis) |
Self-Directed Account Fees
| Fee | Cost |
|---|---|
| Account administration fee | $24.95/quarter if combined assets are under $5,000 or you make no trade with at least a $1.99 commission in the quarter; clients under 26 and RESPs are exempt |
| Transfer out (full) | $150/account |
| Transfer out (partial) | $50/account |
| RRSP/TFSA annual fee | $0 |
| RESP annual fee | $25 |
| Option exercise or assignment | $40 |
Responsible Investing (SRI/ESG) Focus
| Feature | Details |
|---|---|
| Name | Impact Portfolios (also called ESG Portfolios on CI’s site) |
| Risk levels offered | Conservative, Balanced, Growth |
| MER | 0.49% to 0.56%, against 0.17% to 0.23% for the ETF Portfolios (as of April 30, 2024) |
| Management fee | Same tiered fee as the other portfolios |
CI describes the Impact Portfolios as a way to align your investments with your values. Check the holdings and screening approach on CI’s site, since what counts as ESG differs between providers.
If ESG is the main lens, also compare best ESG ETFs in Canada for the DIY route.
Portfolio Options (Managed)
| Portfolio family | Risk levels listed on CI’s pricing page | MER (as of April 30, 2024) |
|---|---|---|
| ETF Portfolios | Safety, Conservative, Balanced, Growth, Aggressive | 0.17% to 0.23% |
| Impact Portfolios | Conservative, Balanced, Growth | 0.49% to 0.56% |
| Private Portfolios | Safety, Balanced, Aggressive | Higher; they hold private and alternative assets |
CI recommends a portfolio after asking about your goals; the asset mix at each risk level is set out on CI’s site.
Account Types at CI Direct Trading (Self-Directed)
CI Direct Trading’s fee schedule covers these accounts; confirm the account list for managed portfolios with CI.
| Account | Available |
|---|---|
| TFSA | ✅ |
| FHSA | ✅ |
| RRSP / Spousal RRSP | ✅ |
| RESP | ✅ |
| RRIF | ✅ |
| LIRA / LIF | ✅ |
| Margin | ✅ |
CI Direct Investing vs Competitors
| Broker | Managed fee (all-in) | Self-directed ETF buy | Self-directed stock trade | SRI portfolios | Best for |
|---|---|---|---|---|---|
| CI Direct Investing | ~0.55–0.80% | $0 | 1¢/share ($1.99 to $7.99) | ✅ Impact Portfolios | ESG investors, combined platform |
| Questwealth | ~0.40–0.45% | N/A (managed only) | N/A | Confirm with provider | Cost-focused managed |
| Wealthsimple managed investing | ~0.60–0.70% | N/A | N/A | Confirm with provider | UX, brand, beginners |
| Questrade self-directed | N/A | $0 | $0 | DIY | Active investors |
| Qtrade | N/A | $0 | $0 | DIY | Research, service |
| NBDB | N/A | $0 | $0 | DIY | Quebec, cost-conscious |
Who CI Direct Investing Is Best For
| Investor type | Fit |
|---|---|
| ESG/SRI-focused investor using a managed portfolio | ✅ Dedicated Impact Portfolios |
| Self-directed investor wants $0 ETF buys cheaply | ✅ Good: $0 buys; sells priced per share ($1.99 to $7.99) |
| Investor wanting managed + self-directed under one roof | ✅ Can hold both account types |
| Cost-focused managed investor | ⚠️ Questwealth is cheaper |
| Investor looking for best-known platform | ⚠️ Lower brand recognition than Wealthsimple or Questrade |
Bottom Line
CI Direct Investing (with its self-directed arm CI Direct Trading, formerly Virtual Brokers) is a somewhat under-the-radar platform that stands out for its Impact (ESG) managed portfolios and the ability to pair a managed portfolio with self-directed trading at the same firm. Its managed fees are higher than Questwealth’s (0.25% or less) but fall to 0.40% on the portion of a balance above $150,000. The self-directed platform is reasonably priced with free ETF purchases. For investors who want a managed ESG portfolio, CI Direct Investing is worth comparing with other robo-advisors’ responsible-investing options.
Related Reading
- Qtrade Direct Investing review: fees, accounts and who it suits
- RBC Direct Investing review: fees, GoSmart and who it suits
- Wealthsimple vs CI Direct Investing: robo-advisor fee structures compared
→ Back to: Complete RESP Guide
Sources
The figures and rules on this page come from these sources. How we check facts.
- cifinancial.com: Investment Account Pricing | CI Direct Investing
- questrade.com: Questwealth Portfolios | Questrade
- questrade.com: Trading Fees & Commissions | Questrade Pricing | Questrade: Tilt finance in your favour
- wealthsimple.com: Compare Generation, Premium, and Core Plans & Fees | Wealthsimple