The name may sound technical, but robo-advisors fill an important middle ground between do-it-yourself investing and working with a live financial advisor. They are much less expensive than commission-based or fee-for-service advisors and the often costly investment products those advisors recommend.
Robo-advisors do more than simply automate trades. They build and maintain portfolios of generally low-cost investments tailored to your circumstances and goals, and they rebalance or change allocations when your situation evolves. The result is low-touch, professionally managed investing without the high fees of traditional advice.
Enabled by financial technology and the rise of exchange-traded funds (ETFs), robo-advisors have been available in Canada for more than a decade. Today there are several providers operating coast to coast. Some focus on particular market niches, while others compete broadly for retail customers. They differ in the funds they use, how they charge fees, the level of human support they provide and their historical performance.
Typical total costs—combining a robo’s management fees and the management expense ratios (MERs) of the ETFs they use—generally run from roughly 0.5% to 1.0% of assets per year. Certain socially responsible or private-asset portfolios may be pricier. While robo returns are unlikely to be spectacular, they are competitive compared with many alternatives once costs are taken into account.
Since 2019, an even lower-cost alternative has emerged: all-in-one, globally diversified asset-allocation ETFs that deliver algorithm-assisted portfolio construction in a single fund. The difference is advice. Robo-advisors guide you to an appropriate asset mix and implement changes for you; with an all-in-one ETF, choosing the right fund and sticking with it is entirely your responsibility.
Related reading: Best all-in-one ETFs
Robo-advisors suit investors who prefer not to manage their own portfolios or who want to avoid frequent tinkering. They are also useful for experienced investors who prefer to save time by delegating day-to-day rebalancing and maintenance. Set it up and let the system work in the background.
In this 2026 edition of MoneySense’s robo-advisors guide, we review the options available in Canada to help you select the provider that best matches your needs.
What to know when assessing robo-advisors
- Fees are usually scaled by account size. Larger balances commonly qualify for lower percentage fees, so compare providers based on the account size you expect to have now and in the future.
- Our performance snapshot reflects one portfolio type: a balanced portfolio of roughly 60% equities and 40% fixed income. Check performance for the specific portfolio styles you’re likely to use—conservative, growth, income, responsible, retirement-date and so on. If a robo does not publish historical returns for the portfolios you care about, request that data before committing.
- Promotions and transfer bonuses appear periodically—especially during RRSP season—but these short-term incentives rarely change long-term outcomes. Also note that policy changes aimed at reducing or eliminating transfer fees may affect how these promotions compare over time.
Why trust us
MoneySense is an award-winning personal finance magazine serving Canadians since 1999. Our editorial team of trained journalists consults with leading finance experts to evaluate products from banks, credit unions and investment firms. We publish independent comparisons to help readers find suitable financial solutions. Learn more about our advertising and trusted partners.
The best 3 robo-advisors in Canada
These three providers offer a strong combination of service, choice and modest fees for retail investors.
Best overall (Gold): Justwealth
Best for: Investors with larger sums, multiple account types and complex needs. Minimums typically start at $5,000; clients receive more personalized service.
Justwealth focuses exclusively on automated portfolio management. Because it is free to select ETFs from any issuer, it tends to pick high-performing funds across categories, which contributes to competitive returns. Unlike some platforms that route customers into affiliated fund families, Justwealth can use the best available ETFs regardless of issuer.
Clients are assigned a dedicated advisor rather than an anonymous help desk, and the platform offers a broad range of portfolio options—more than 80—including target-date-style accounts, first home savings accounts and a variety of responsible investing strategies. Justwealth does not offer banking, brokerage, tax services or crypto trading—its specialization is automated investment management.
Best Overall (Silver): Wealthsimple
Best for: Investors who want managed investing along with a broader suite of financial services, from crypto access to physical-asset offerings and credit products.
Wealthsimple began as Canada’s first robo-advisor and has expanded into many areas of personal finance. Its managed investing service now includes basic index ETF portfolios as well as diversified options that combine ETFs with private assets, income-oriented portfolios designed for retirement income and new offerings like direct indexing. Wealthsimple has added full-service wealth planning at higher fee tiers and has improved portfolio competitiveness in recent years.
Best Overall (Bronze): Questwealth
Best for: Cost-conscious investors who want the lowest ongoing fees and the option to use a low-cost self-directed brokerage.
Questwealth Portfolios, the automated service from Questrade, stands out for very low management fees. Accounts between $250 and $100,000 pay about 0.25% annually; balances above $100,000 pay 0.20%. Using low-cost ETFs from iShares, BMO and others, total all-in fees can be under 0.5% per year. Recent onboarding and mobile app upgrades improved the user experience without raising fees.
Related reading: Questrade vs. Wealthsimple
The rest of the pack
Beyond our top three, several other robo-advisors offer features that may be attractive depending on your priorities—banking convenience, private-asset exposure, advisor integration, or responsible investing.
BMO Smartfolio
Best for: BMO banking clients who want easy transfers between bank and robo accounts.
BMO Smartfolio uses BMO’s ETFs and keeps the offering deliberately simple with five core portfolios and no responsible investing option. If you want straightforward, index-based exposure and seamless integration with BMO banking, Smartfolio is worth considering.
CI Direct Investing
Best for: Investors seeking exposure to private assets and actively managed alternatives, recognizing these strategies typically carry higher fees.
CI Direct was among the first Canadian platforms to offer private-asset allocations in addition to ETF-based portfolios. These private-asset and actively managed options can increase diversification but usually cost more—fees on active portfolios can range roughly from 0.95% to 1.75%. CI Direct also provides conventional ETF-based and responsible investing portfolios.
For smaller accounts, CI Direct uses a CI Balanced Asset Allocation ETF launched in late 2023; the one-year return shown reflects that ETF’s performance. Higher-net-worth clients receive allocations across multiple ETFs and proprietary funds. CI Direct offers phone and planner access for advice.
Nest Wealth
Best for: Investors who want a robo solution that integrates with traditional advisors and wealth management firms.
Nest Wealth, part of Objectway since 2024, partners with advisors and institutions such as National Bank and Raymond James to deliver managed portfolios through advisor channels. It charges tiered monthly fees starting at $5 for very small accounts and maintains low ETF MER exposure with a capitalization-weighted average MER around 0.13%.
Qtrade Guided Portfolios
Best for: Socially responsible investors who want ESG-focused portfolios without a higher fee.
Qtrade Guided Portfolios (formerly VirtualWealth) places responsible-investing clients into mutual funds managed by NEI Investments and does not charge a premium fee for its RI option versus mainstream portfolios. Returns for the responsible funds have typically tracked broad-market returns closely, though MERs for the mutual funds are higher than basic ETFs.
RBC InvestEase
Best for: Existing Royal Bank of Canada clients who value fast transfers and integration with their banking relationship.
RBC’s InvestEase offers simple index and responsible-investing portfolios built with iShares ETFs. Bank-owned robos often provide extensive investor education and market commentary through the client portal, which can be a helpful resource.
Modern Advisor
Best for: Investors interested in combining passive and active strategies or seeking a different regional allocation bias.
Modern Advisor did not provide updated information for this guide, but its published materials show respectable returns. Its core portfolios have historically tilted more toward Canadian equities and away from U.S. exposure, and it offers both passive ETF portfolios and actively managed fund options.
Methodology
All performance figures shown for the comparison are for a balanced portfolio of approximately 60% equities and 40% fixed income, net of fees, as of Dec. 31, 2025. Returns are presented in Canadian dollars and assume reinvestment of distributions. Three- and five-year returns are annualized.
| Robo-advisor | Mgt. fees | Min. account size ($) | ETF families used | Balanced portfolio return (1-yr) (%)* | 3-yr (%)* | 5-yr (%)* | SRI option (Y/N) |
|---|---|---|---|---|---|---|---|
| BMO Smartfolio | 0.4-0.7%/yr. | $1,000 | BMO | 10.98 | 10.59 | 5.79 | N |
| CI Direct | 0.35-0.6%/yr. | $100 | CI GAM, iShares, BMO, Vanguard, CIBC | 13.8 | n/a | n/a | Y |
| Justwealth | 0.4-0.50%/yr.; $4.99/mo. for accounts <$12,000 | $5,000 | iShares, Vanguard | 13.54 | 14.62 | 9.51 | Y |
| Modern Advisor | 0.35-0.5%/yr. | $1,000 | Vanguard, iShares, BMO | 13.2 | 11.7 | 6.4 | Y |
| Nest Wealth | $5-$150/mo. | None | iShares, Vanguard, BMO, Forstrong | 10.6 | 11.86 | 6.58 | N |
| Qtrade Guided Portfolios | 0.35-0.6%/yr. | None | iShares, Vanguard, Flexshares | 16.1 | 14.8 | 8.7 | Y |
| Questwealth | 0.2 – 0.25%/yr. | None | iShares, BMO, Global X, State Street | 12.61 | 13.62 | 8.48 | Y |
| RBC InvestEase | 0.5%/yr. | None | iShares | 13.35 | 12.45 | 6.78 | Y |
| Wealthsimple | 0.2-0.5%/yr. | None | iShares, Vanguard, BMO, others | 11.7 | 12.7 | 5.9 | Y |
*As of Dec. 31, 2025; annualized, net of fees
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