Toronto-based Questrade Financial Group has unveiled a new low-fee wealth management service called Portfolio IQ.
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The new service provides online delivery of professionally and actively managed investment portfolios at an ultra-low fee.
Questrade said that investors can get an actively and professionally managed portfolio starting at $2,000.
The service will enable investors to go online 24/7 and answer a few simple investment questions about their goals, time horizon, and tolerance for risk.
According to the company, accounts with the Portfolio IQ service are managed by professional investment managers and are available as investment accounts, TFSAs, RRSPs, LIRAs, RIFs, LIFs and RESPs.
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By GlobalDataIn addition, the portfolios will have annual fees of about 0.35%, with a minimum of $99.95 per year.
Edward Kholodenko, president and CEO of Questrade Financial Group, said: "With the typical wealth management model, you need $250 to 500 thousand of investable assets – just to start. We dramatically reduced that – a dollar to open an account and $2000 to get a customized portfolio."
"The portfolios are created and are available entirely online, so if our client is 100% satisfied with logging in to create and view their account, it’s all there," added Kholodenko.
