Questrade is branching into the advisory world.
Today, it launched a new wealth management service called Portfolio IQ, which offers online delivery of actively managed investment portfolios at low fees. To use the service, investors only need $2000 in investable assets to get a customized portfolio, says Edward Kholodenko, president and CEO of Questrade Financial Group.
To start, investors need to answer questions about their goals, time horizons, and risk tolerances. Then, investment portfolios are created for them, and portfolio managers actively manage, monitor and rebalance those portfolios.
If clients want to speak with a manager, says Kholodenko, they’re “available by phone or can make an appointment.”
Annual fees for the portfolios are about 0.35%, with a minimum of $99.95 per year. Accounts are available as investment accounts, TFSAs, RRSPs, LIRAs, RIFs, LIFs and RESPs.
If clients have multiple goals and portfolios, says Kholodenko, they can have different risk tolerances for each. As well, clients can login to make changes to their profiles to reflect life events and changing goals.
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