In Canada, Investing, Money

QuestWealth: For those of you truly do not want to learn how to invest or manage your money

For a limited time offer until March 30th, Questrade is running a promo:

I am a HUGE fan of DIY investing, meaning you buy and trade ETFs and stocks on your own without a portfolio manager….. but if you aren’t that person, and you’d rather just throw money at it but not necessarily to a manager who will take a bigger fee, try QuestWealth for low-cost money management.

I have been with Questrade for over 10 years now and am pleased with their service.

They will charge you the following, versus what a portfolio manager might take (typically 0.7% – 2%)

The types of portfolios they have are:

Aggressive

Great for high-risk investors

When you’re looking to maximize growth, the Aggressive Growth portfolio can be right. This portfolio invests in 100% equity. While it will fluctuate with the market, it typically offers the highest potential returns. The MER of this portfolio ranges from 0.15% to 0.23%.

Growth

Great for medium to high-risk investors

For better than average asset growth, the Growth Portfolio can be right. It invests in approximately 80% equity and 20% fixed income. It typically has less risk than the Aggressive Portfolio. The MER of this portfolio ranges from 0.14% to 0.22%.

Balanced

Great for medium-risk investors

For growth with a moderate level of risk, the Balanced Portfolio may be right. It invests in 60% equity and 40% fixed income. It has the steady cash flow much like the Income Portfolio mixed with the potential gains of the Growth Portfolio. The MER of this portfolio ranges from 0.13% to 0.20%.

Income

Great for medium to low-risk investors

For a steady stream of income, the Income Portfolio may be right. It invests in 60% in fixed income and 40% in equity. It typically offers more consistent returns than the Balanced Portfolio. The MER of this portfolio ranges from 0.12% to 0.17%.


Conservative

Great for low-risk investors

For preserving capital, the Conservative Income Portfolio can be right. It invests in 80% fixed income and 20% in equity. It’s our most stable portfolio. The MER of this portfolio ranges from 0.11% to 0.14%.

That’s about it.

Sign up, pick one, deposit a lot of money regularly and be done with it.

💥They are cheaper than WealthSimple💥!!!

At 0.25%, they soundly beat out even WealthSimple (the current “low-cost” robo-advisor brokerage) that charges 0.50% or double for balances under $99K.

For anything above $100K, Questrade charges 0.20% and WealthSimple charges double or 0.40%.

I’d go with QuestWealth in a heartbeat if I wanted to get investing quickly and not bother with picking ETFs, trading them, etc – they’ll do that all for you based on the portfolio you picked.

They will even pay your fees to transfer your account from another to QuestWealth

They reimbursed me $100 the first time I moved all of my money over from TD Bank.

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Sherry of Save. Spend. Splurge.

Millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. Since then, I have paid my $600K home in cash (my half was $300K), my $180K casr in cash, worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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