Questrade courts Canada’s investors with wealth management program

In a display of almost sentimental patriotism, Canadian FX brokerage Questrade has launched a new wealth management program which is aimed at a cross section of Canadian society.

Questrade’s new service is intended to encompass all investors, not just those with high net worth, setting the minimum deposit amount at $2,000.

Under the name of Portfolio IQ, the new service introduces online delivery of professionally and actively managed investment portfolios, with fees set at what Questrade considers to be affordable across the board, the annual fees ranging from 0.35%, with a minimum of $99.95.

Canada’s investors are able to receive a customized investment portfolio created for them entirely online which will be managed by portfolio managers, and attracting a potential audience has been attained by lowering the entry barriers. On that basis, an account can be opened for just $1, and the investments remain in cash until the balance reaches $2000, at which point the money is invested for the client in their portfolio.

“We are offering this service because we believe all Canadians, not only the wealthy, deserve every chance to build wealth,” says Edward Kholodenko, President and CEO of Questrade Financial Group.

“With the typical wealth management model, you need 250 to 500 thousand dollars of investable assets – just to start. We dramatically reduced that – a dollar to open an account and $2000 to get a customized portfolio. This is an entry point just about anyone can afford. It’s the democratization of investing” Mr. Kholodenko further explained.

With Questrade Portfolio IQ, investors can go online 24-7 and answer investment questions about their goals, time horizon, and tolerance for risk. Within minutes, an investment portfolio is created for them. Professional portfolio managers actively manage, monitor and rebalance the portfolio, giving the account owner the added comfort that their investments are taking advantage of market opportunities.

“The portfolios are created and are available entirely online, so clients can access them at their convenience. We are about being available to all Canadians – on their schedule.”

Mr. Kholodenko also emphasizes that the portfolios are managed by professional investment managers: “There are real people guiding the investments, making sure the portfolio is at peak performance.”

“This means our clients can focus on other life priorities knowing that we are focused on them. Everyone should have access to low fee portfolios that are managed by professional portfolio managers” concluded Mr. Kholodenko.

For the full announcement from Questrade, click here.

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