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About Justwealth

A smart way of saving toward the post-secondary education of your kids is by contributing to a Registered Education Savings Plan (RESP).

Besides tax advantage, RESP also attracts government support on your savings for the post-secondary education of your kids.

Justwealth is a robo-advisor platform that is popularly known for having one of the best RESP accounts in Canada.

The Justwealth RESP account gives you access to multiple ETF portfolios that are pre-designed to suit different risk tolerances.

This Justwealth RESP review covers all you need to know about the account including how it compares.

Justwealth Financial Inc. is a popular robo-advisor platform that offers low-cost investment solutions to Canadians.

The platform was launched in 2015 and has attracted multiple awards that were won for its products and services.

Beyond offering automated investing, Justwealth has a team of portfolio managers that also provide financial counselling to investors on the platform.

Though Justwealth offers multiple investment accounts, it is more popular for having one of the best RESP offerings in Canada.

In the following section, you will learn more about the Justwealth RESP account and its custom ETF portfolios that help to maximize education savings in Canada.

Justwealth RESP account offers tax-sheltered education through Education Target Date Portfolios.

The portfolios are designed to help maximize your RESP savings and investing with customized risk exposure.

The following are the key benefits of the Justwealth RESP account:

The Justwealth RESP Target Date Portfolios are personalized investment portfolios that are designed with a dynamic risk profile.

When your kids are much younger and far from post-secondary school age, the portfolios will have higher risk exposure.

But as your child gets older, the portfolios will switch to a conservative allocation to reduce risk.

The Justwealth RESP Target Date Portfolios maturity date if often matched with the projected date that your child should begin post-secondary education.

That being said, the following table shows how some of the Justwealth Education Target Date Portfolios performed since inception as of September 30, 2022.

As with other robo-advisors, Justwealth charges a management fee and a management expense ratio (MER) in exchange for its services.

For an RESP account with a balance lower than $500,000, Justwealth charges a management fee of 0.50%. But for accounts that have more than $500,000, a management fee of 0.40% is charged.

Meanwhile, Justwealth has a fixed minimum management fee of $2.50 per month that applies to all accounts.

Justwealth portfolios have underlying ETFs that incur a management expense ratio of 0.20% — 0.25%.

Putting all these into consideration will make you arrive at about 0.70% — 0.75% in total annual fees for RESP investing with Justwealth.

As such, Justwealth remains a low-cost alternative to traditional mutual funds that charge up 3% as management fees.

If you want to take full control of your RESP investments, self-directed investing might be more perfect for you than a robo-advisor.

But if you prefer automated RESP investing, the Target Date Portfolios make Justwealth a better choice than other robo-advisors in Canada.

Here are the key benefits that make Justwealth RESP unmatched by other RESPs:

Though Justwealth is more popular for its RESP accounts, the platform offers other registered accounts that are worth considering.

The following are the other registered investment accounts that are currently available on the Justwealth platform.

All your investments with any Justwealth account are managed automatically by a robo-advisor. With this, you don’t have to worry about asset allocation or rebalancing your portfolios yourself.

There are many other RESP providers in Canada that support automated investing like Justweath.

In this section, you will see how Justwealth RESP compares to the offerings of two other popular investment platforms in Canada.

Questrade is a well-known online brokerage in Canada that offers access to both self-directed and automated RESP investing. Justwealth only offers access to automated RESP investing on its platform.

With over $30 billion in assets and more than 22 years of being in business, Questrade has a solid reputation in the Canadian investment space.

The table below shows a side-by-side comparison of the Justwealth RESP vs the Questrade RESP account.

From the above table, Justwealth charges a higher management fee than Questrade. However, the exclusive access to Target Date Portfolios makes the Justwealth RESP worth it.

Also, Questrade RESP has a $1,000 minimum opening balance requirement compared to the zero requirements of Justwealth.

Wealthsimple is one of the best and most popular robo-advisor platforms in Canada.

Launched in 2014, Wealthsimple has over 2 million users with more than $15 billion in assets under management.

Wealthsimple offers non-registered and registered investment accounts including RESP on its robo-advisor platform called Wealthsimple Invest.

The Justwealth and Wealthsimple RESP accounts share so many similarities with only a few differences. See the table below for a side-by-side comparison of the two.

With a Wealthsimple RESP account, you can access 10 different ETF portfolios with varying risk profiles that range from conservative to aggressive tolerance.

Though the Wealthsimple ETF portfolios have impressive performance, they are not up to the Personalized Target Date Portfolios of Justwealth RESP accounts.

Bear in mind, you must meet the following requirements to open a Justwealth account.

When opening a Justwealth account, you will be required to provide some information about your RESP account beneficiaries.

This comprehensive Justwealth RESP review shows how Justwealth stands out among other RESP providers in Canada.

With a dedicated Target Date Portfolio, you can maximize your children’s post-secondary savings through a Justwealth RESP account.

Is Justwealth RESP for you? Kindly share your thoughts with us in the comment.

Before you leave, ensure you navigate to our blog section to learn more about other personal finance deals in Canada.

Yes. Justwealth supports registered investment accounts such as RESP, RRSP, RRIF, LIRA, LIF and TFSA.

Yes. The assets on Justwealth RESP accounts are insured up to $1 million by Canadian Investor Protection Fund (CIFP).

Justwealth also employs standard security measures in protecting the information of investors on its platform.

There is no minimum balance requirement for opening a Justwealth RESP account.

However, Justwealth requires a minimum opening balance of $5,000 for all other non-RESP accounts.

Yes. Justwealth charges a management fee of 0.40% — 0.50% on RESP and other investment accounts.

Also, the underlying ETFs on Justwealth RESP accounts incur a 0.20% — 0.25% management expense ratio (MER).

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