ModernAdvisor review

The ongoing cost is a management fee of 0.2% to 0.9%, and the amount depends on the portfolio option you hold. Those options cover etf, esg and cash, and opening the account takes a minimum investment of CAD 1,000 to CAD 5,000 in Canadian dollars.

The minimum investment is CAD 1,000 to CAD 5,000 in Canadian dollars, compared with $100 at Axos Invest. On that measure ModernAdvisor ranks 64 of 82 brands in the comparison, so its entry point is among the higher ones.

ModernAdvisor is a portfolio manager registered with Provincial securities commissions (registered portfolio manager in all Canadian provinces), so provincial securities regulation applies across Canada. It is not overseen by a single national regulator, and the account itself holds etfs.

The account holds etfs, so value can move up or down and no return is guaranteed. Losing money is a normal part of investing: across the brands compared here, 70.15% of retail accounts end up losing money.

The portfolio options listed are etf, esg and cash, so you can hold a broad index, a sustainability-tilted set or a cash option. The markets covered are etfs, which makes this index investing rather than a place to pick individual shares.

Support runs on email, phone and help centre, so help is available by phone, by email or through a help centre. Because the manager selects the holdings, support deals with the portfolio and the fee rather than with individual trades.

It suits Canadian savers who want a portfolio chosen for them, can meet the CAD 1,000 to CAD 5,000 minimum and accept a management fee of 0.2% to 0.9%. It suits you less if you want to pick individual investments, hold something outside etfs, or start with a smaller amount.

Yes. eToro lists a management fee of 0% and Empower Personal Dashboard lists 0%, while ModernAdvisor charges 0.2% to 0.9%. Axos Invest also works from a minimum investment of $100.