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Are you looking to start investing in mutual funds easily? If yes, then you are at the right place. The overall purpose of this Justwealth review is to help people get an in-depth understanding of this financial planning software. I’ll also be sharing my experience with Justwealth and how I used it to make financial decisions.
How Does Justwealth Work?
By using a simple process, coupled with the wisdom of financial professionals, Justwealth helps clients make the most of their investment funds. First, you provide details about your personal goals and financial situation. This enables Justwealth to get a full picture of what you hope to gain. You detail the amount of money you want to invest and a timeline, which helps Justwealth execute your investments. Once you submit the funds and review the recommendations from Justwealth, you can move on to the next step.
The next step involves getting assigned to portfolio management professional. This individual is the exclusive representative of your account. They allocate your investment funds into the exchange-traded funds (ETFs) that best suit your requests. Even if you didn’t have a pre-existing portfolio, this helps you get started.
If, as you move forward, your priorities change, Justwealth remains accessible. Though your account representative handles the daily goings-on of your portfolio, you can always touch base with them. Once you inform them of requisite alterations, they can adjust your portfolio accordingly.
Types Of Justwealth Accounts Available
Depending on your priorities and long-term goals, there are different accounts you can approach. Tax-free savings accounts help buffer large amounts, registered retirement savings plans are excellent for future financial security. Joint investment accounts enable you to share risk and profit with others. If your focus is on quicker gains, a non-registered (and taxable account) is also an option.
Types Of Justwealth Investments Portfolios
Justwealth offers numerous investment portfolios, including the following:
- Income Portfolios – While fixed-income investments are typically suited to conservative investors, Justwealth has designed a portfolio that allows those with a high net worth and an aggressive investment style to also earn consistent income.
- Tax-Efficient Portfolios – This portfolio can help those with large sums invested in taxable non-registered investment accounts. The portfolio is designed to optimize after-tax returns to be more tax-efficient (i.e. capital gains instead of interest).
- RESP Target Date Portfolios – This RESP investment portfolio is unique to Justwealth. It offers investors a portfolio that is designed to change with their child’s age. The investment starts off aggressive while the child is young, and as it reaches maturity (the year the child is set to start school) the investments will shift towards more conservative investments.
- US Dollar Portfolios – Canadian investors that like to fund their investments using US currency can opt for the US Dollar portfolio. It is currently available for the Growth and Income portfolios.
- Reinvest Dividends – This feature enables you to use your gains to compound the profits of your account. It reduces the need for your attention and minimizes overall maintenance. However, if you are using dividends as liquid cash, this is something you should bring up during the consultation.
- Socially Responsible Investing – Justwealth enables clients to profit both financially and ethically. By observing responsible investment practices, you are contributing to businesses with ethical and moral practices.
- Automatic Rebalancing – Everyone knows that the market is fluid. To account for these deviations, the Justwealth team will adjust your investments to leave your portfolio in the chosen parameters.
- Tax-Loss Harvesting – Especially if you’re worried about a hefty tax bill, this feature gives you the chance to sell assets at a loss to manage your tax expenses overall.
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- Monthly Performance – Investors interested in learning the performance of any of Justwealth’s portfolios can review it through Justwealth’s Performance Page. Investors can find information on any portfolio that has been available for at least a year. Through it, an investor can find data on top holdings, MER, risk level, asset allocation and other pertinent information.
- Complimentary Portfolio Reviews – Justwealth provides free advice from an investment professional on how your portfolio should be invested. All you need to do is submit your investment statement here.
- Minimum Investment – To participate in most of Justwealth’s programs, you must invest at least $5,000. The exception is RESPs, which have no minimum amount required.
- User-Interface – Justwealth has a simple and easy-to-use interface. Users can view their accounts all at once in their dashboard. Justwealth provides graphs that show your account breakdown as well as your asset class breakdown. Moreover, Justwealth’s Bulletin Board makes it easy for clients to open new accounts, transfer funds, and change contribution options.
- Educational Resources – Justwealth also provides its clients with engaging, informative and educational material on all things involving investing through their blog and podcast called “The Just Word Podcast”.
- Customer Service – The Justwealth team provides you with a dedicated portfolio management representative. The company is easy to contact and prides itself on assisting clients in all financial matters. You can inquire as much or as little as you need.
- Human Help – Since this is technically a Robo-advisor service, the human side is more in the background. You can call in and speak with someone, though this is usually not required.
Since Justwealth employs an MER methodology, payments are simplified. Essentially, you pay an annual fee relative to your investments and a small percentage of your gains. The Justwealth management fee is 0.5% (or 0.4% over $500k) but the average MER is only 0.20%.
The minimum management fee is $4.99 monthly for all accounts except RESPs. This covers your account, trading and custody fees. Fees differ for RESPs and are a minimum of $2.50 per month.
What to Expect When You Work With Justwealth
To get started, go to the Justwealth website. You’ll need both your and your spouse’s social security numbers (in certain situations). Bank account information and photo identification are also necessary. It’s also necessary to have useful information.
You’re ready to go after filling out a quick digital form. The online system allows you to get all of the information you need and think about it on your own time. You may easily choose the ideal route for your needs using a detailed form designed to fit you into one of ten programmes.
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