This review covers Justwealth, a Canadian online portfolio manager (robo-advisor) known for its RESP target-date portfolios: its fees and minimums, portfolio options, accounts and who it suits. Justwealth’s pricing page lists a 0.50% annual management fee in its $100,000 example, a $5,000 minimum for most accounts (none for RESPs, FHSAs and RDSPs) and a minimum fee of $4.99 a month. For other providers, see the robo-advisor comparison; for self-directed options, the online broker comparison.
Fees
| Fee | Amount |
|---|---|
| Annual management fee | 0.50% in Justwealth’s $100,000 example; confirm for your balance |
| What the fee covers | Trading, custody and annual account fees |
| Minimum fee | $4.99/month for most accounts; $2.50/month for RESPs, FHSAs and RDSPs |
| ETF fees | The MER of the ETFs in your portfolio, deducted inside the funds |
At 0.50%, the management fee on $50,000 is $250 a year. The minimum fee matters for small accounts: $4.99 a month is $59.88 a year, which is more than 0.50% of any balance under $11,976. The robo-advisor fee comparison sets Justwealth’s cost beside other providers at each balance.
RESP target-date portfolios
Justwealth’s RESP portfolios are organised by the year a child is expected to start post-secondary school. Each starts with more stocks and moves toward bonds and cash automatically as that year approaches, so the savings are less exposed to a market drop just before they are needed. With a standard risk-based portfolio, the parent has to make that shift. The rules for the account itself, including government grants, are in the RESP guide.
Other portfolios and accounts
Beyond RESPs, Justwealth offers growth, income and preservation ETF portfolios for different goals and risk levels, as well as ESG portfolios. It offers non-registered accounts, RRSPs and spousal RRSPs, TFSAs, FHSAs, RESPs, RDSPs, LIRAs, RRIFs and LIFs, and US-dollar versions of several of them. Justwealth also gives each client a dedicated Personal Portfolio Advisor and support team, which matters if you want to discuss your portfolio with a person.
Pros and cons
| Pros | Cons |
|---|---|
| RESP portfolios that de-risk automatically by target year | $5,000 minimum outside RESPs, FHSAs and RDSPs |
| No minimum for RESPs, FHSAs and RDSPs | Minimum monthly fee weighs on small accounts |
| Management fee covers trading, custody and account fees | ETF fees are charged on top |
Who Justwealth suits
Justwealth suits families saving in an RESP who want the portfolio to de-risk on its own, and investors who want a range of portfolio choices with access to a Personal Portfolio Advisor. Investors starting with less than $5,000 outside an RESP, FHSA or RDSP, or focused mainly on management fees, can compare Wealthsimple vs Justwealth, the Wealthsimple review and the Questwealth review. For the CI Direct Investing alternative, see the CI Direct Investing review.